Virginia Economic Development Partnership Authority; Chief Executive Officer, powers and duties.

Requires the Chief Executive Officer (CEO) of the Virginia Economic Development Partnership Authority (the Authority) to develop a comprehensive operational plan for the Authority, including, at a minimum, the following components: (i) a plan for coordination with all state agencies administering economic development incentive programs to ensure that such programs consistently achieve maximum effectiveness, (ii) the results of the most recent survey of all economic development partners assessing the effectiveness of the Authority's coordination with nonstate economic development organizations and the alignment of the Authority's strategic plan with economic development partners, and (iii) an evaluation of grant incentive awards programs administered by the Authority. The initial plan must be submitted by December 1, 2017, to the Authority's Board for review and approval. After approval, the CEO must report quarterly to the Board regarding the status of the implementation of the plan. In addition, the bill changes the membership requirements of the Board by removing the conditions that the Governor's appointees represent the state's congressional districts and changing the appointments of legislative appointees from membership at large to requirements for general areas of expertise. The bill changes all terms from six to four years and provides for the 12 citizen members appointed by the Governor to be re-staggered beginning in 2017. The bill also (a) provides for the Secretary of Commerce and Trade to serve as the chairman of the Authority's Board, (b) establishes the Division of Grant Administration within the Authority, (c) creates an Office of Internal Audit, and (d) provides for the Authority to staff the Governor's cabinet-level committee assisting the Secretary of Commerce and Trade in developing the state's comprehensive economic development strategy.