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Board approves $270,000 Commonwealth Opportunity Fund allocation to support Siemens equipment
Summary
Supervisors approved a $270,000 Commonwealth Opportunity Fund grant allocation related to Siemens equipment; the funding is post-performance and tied to job and capital-expenditure commitments in the company’s project agreement.
The board voted to approve a $270,000 allocation under the Industrial Development Authority’s (IDA) Commonwealth Opportunity Fund agreement to support Siemens equipment for a regional project.
County administrators said the Commonwealth Opportunity Fund (the governor’s economic development grant fund) awards are post-performance. County counsel explained grants are paid after companies meet job-creation and capital-investment benchmarks; the board discussed the project’s capital-expenditure estimates and a commitment to create and maintain 75 new jobs across two facilities as part of the project’s obligations.
Board members confirmed the county is acting as a pass-through for the IDA grant award and approved the allocation. Supervisors asked for clarification about project timelines and whether the award is contingent on meeting the performance targets identified in the grant agreement.
