This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Panel Spent $116M In '12 In Va's Tobacco Region

The commission also has provided grants for numerous economic development projects, including $2.7 million to help fund South Boston Energy LLC's construction of a 50-megawatt biomass electric generating facility in Halifax County and $1 million for assist Danville with recruiting Web Parts LLC to relocate its computer programming, applications and data center operation there that is expected to create 260 jobs within three years.

It also approved $800,000 in funds to assist Hampton-based Faneuil Inc. with opening a customer care center for Dominion Virginia Power that's expected to create 150 jobs.

While some praise the commission's contributions to help close business deals and improve conditions in Virginia's tobacco communities, the commission's work hasn't come without controversy in recent years. Following calls for greater oversight, legislation that went into effect in July allows the state Inspector General to review the commission's work and investigate allegations of fraudulent, illegal or inappropriate activities concerning the panel's funds.

A June 2011 study by the General Assembly's investigative arm said the commission signed off on millions of dollars in economic development projects with a sketchy understanding of them, and some yielded little or no benefit in the state's poorest region. The 180-page report said there was no way to measure outcomes for nearly 90 percent of the commission's grants.

But, the report said, Southside and Southwest Virginia â¿¿ regions of the state hit hard declines in tobacco, textile and other manufacturing industries the past 20 years â¿¿ clearly benefited from commission support for scholarships, job training and the deployment of high speed Internet.

___

Michael Felberbaum can be reached at http://www.twitter.com/MLFelberbaum .

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs