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Sanyo’s Virginia Beach expansion: authority revises EDIP award to capital-only, extends deadline and shortens option term
Summary
The authority revised a previously approved $350,000 EDIP award for Sanyo to be applied only to capital investment, granted a one-year extension to July 2026, and approved a shortened option agreement with a three-year right of first refusal for a phase‑3 parcel.
The Virginia Beach Development Authority voted to revise a 2022 EDIP commitment for Sanyo from a split of capital and job-creation incentives into a single $350,000 capital investment award, and to extend the EDIP deadline by one year to July 2026. The authority also approved a revised option agreement for Sanyo’s phase 3 parcel with a one-year option term and a three-year right of first refusal, removing language that had specified a particular developer.
Paige (staff member) summarized the company’s history and the recommended changes.…
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