Va. GOP legislators offer economic stimulus proposal

RICHMOND

House Republicans endorsed a variety of measures today to promote economic recovery in Virginia.

They proposed accelerating planning for $230 million of construction approved last year for The University of Virginia, the College of William & Mary, Virginia Tech, Christopher Newport University and James Madison University.

By hastening planning, construction of the projects can begin next year instead of the original 2011 start date. The work is expected to create 3,400 jobs.

Their recovery package also includes:

 - HB2250, a bill that would provide loan incentives for corporations willing to invest at least $250 million in capital projects in Virginia that will create 400 jobs or more.

 - HB2056, a bill that would create up to $50 million performance grants for Northrop Grumman if the defense contractor, by 2012, invests $300 million in capital projects in Virginia, creates 1,000 new jobs and maintains an apprentice shipbuilding program with at least 750 students.

 - HB2583, a bill that would require localities to deposit at least 10 percent of their revenues in banks located in Virginia. Local governments have accounts where they deposit collected revenues and withdraw them when needed to pay costs.