- Associated Press - Tuesday, April 19, 2016

RICHMOND, Va. (AP) - Virginia Gov. Terry McAuliffe and Republican leaders say they’ve reached a compromise on a new economic development initiative backed by some of the state’s biggest corporate titans.

McAuliffe and House Majority Leader Kirk Cox said Tuesday they’ve agreed to a compromise plan that allows the initiative, called Go Virginia, to move forward while putting off a key sticking point for a year.

It was developed last year by business leaders, university officials and others as a way to boost Virginia’s sluggish economy by providing state funds to projects that promote regional cooperation.

The proposed compromise, which lawmakers will vote on Wednesday, gives McAuliffe greater sway in appointing Go Virginia’s board. The compromise puts off debate on whether legislators would have veto power over the board’s proposed grant making.

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