A. The Governor shall consider and may recommend and the General Assembly shall consider and may fund targeted economic and innovation incentives to achieve the objective and purposes of this chapter. Such incentives may include incentives based on the economic opportunity metrics developed pursuant to subdivision B 4 of § 23.1-309 and incentives for:

1. Increased enrollment of Virginia students, in addition to the per student funding provided by § 23.1-304;

2. Increased degree completion for Virginia residents who have partial credit completion for a degree;

3. Increased degree completion in a timely or expedited manner;

4. Improved retention and graduation rates;

5. Increased degree production in STEM or other high-need areas such as the health care-related professions;

6. Increased research, including regional and public-private collaboration;

7. Optimal year-round utilization of resources and other efficiency reforms designed to reduce total institutional cost;

8. Technology-enhanced instruction, including course redesign, online instruction, and resource sharing among institutions; and

9. Enhanced comprehensive community college transfer programs and grants and other enhanced degree path programs.

B. The Governor and the General Assembly shall consider maintenance of effort initiatives for individual institutions with unique missions and demonstrable performance in specific incentive areas identified pursuant to subsection A.

C. The criteria for measuring whether the incentive areas in subsection A have been met, and the benefits or consequences for meeting or not meeting such incentive areas, shall be developed and reviewed as provided in subdivisions B 3 and 4 of § 23.1-309.

2011, cc. 828, 869, § 23-38.87:16; 2016, c. 588.