Virginia is on the way to enhancing its economy by introducing major development projects.
Here are the details of the news.
Glenn Youngkin announces major economic development Project
On Wednesday, Virginia Governor Glenn Youngkin announced a significant economic development project to boost the State’s economy.
The Governor proposed building a new sports stadium expected to be the future home of the Washington Wizards NBA basketball team and Washington Capitals NHL hockey team.
The announcement came in a press conference after Youngkin had agreed with Monumental Sports & Entertainment, the parent company of these two sports teams. Regarding the proposed stadium, the Governor said the two teams would move from the District of Columbia to new “visionary sports and entertainment venues” in northern Virginia. The company’s CEO, Ted Leonsis, who was also present at the conference, has thanked Youngkin for the proposal.
According to the announcement, the new arena would be constructed near an under-construction graduate school, Virginia Tech’s ambitious Innovation Campus, in the Potomac Yard area of Alexandria. The Governor would also urge the Virginia General Assembly in the 2024 session to create a public body, Virginia Sports and Entertainment Authority, to help finance the Project.
Youngkin said, “We have reached a very clear understanding, subject to finalizing the General Assembly’s work.” The Project will create over 30,000 new jobs in Virginia for several decades.
Youngkin said, “The Commonwealth will now be home to two professional sports teams, a new corporate headquarters, and over 30,000 new jobs.”
Investment in Nuclear Energy: Framatome’s Expansion in Lynchburg
In another development project, Youngkin proposed investing $49.4 million in Framatome, an internationally famous nuclear energy plant, to expand its energy facilities in the City of Lynchburg. The Project aims to modernize the existing nuclear power plants and introduce advanced modular reactors.
Youngkin said about the Project, “We are building the world’s leading nuclear energy hub right here in Virginia, thanks to the continued growth of industry leaders like Framatome.”
The Governor granted $5 million from the Commonwealth’s Opportunity Fund to fund this Project.
“The Commonwealth is implementing an All-of-the-Above Energy Plan to ensure abundant, reliable, affordable, and clean energy. Framatome is key to increasing our workforce in this critical technology for our future. Virginia can set the standard for energy innovation and has a pipeline of world-class talent prepared to meet demand,” the Governor added in his statement.
The Virginia Economic Development Partnership would complete the nuclear plant modernization project with the City of Lynchburg. The Project is expected to create more than 500 new jobs in the State.
The two new development projects are important investments by the Governor in Virginia that would boost its overall economy by creating jobs and attracting new businesses.
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