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EDA approves $540,000 local match for company expansion tied to construction and performance milestones
Summary
The Albemarle County Economic Development Authority voted to sign a performance agreement and provide a $540,000 local match to a state incentive package for a company expansion that pledges 201 jobs and roughly $200 million in capital investment, with payments tied to project milestones and a state performance deadline of Dec. 31, 2030.
The Albemarle County Economic Development Authority voted to approve a local matching agreement that will provide up to $540,000 from the authority’s economic development investment pool as the county’s share of a state incentive package for a private expansion.
The match is structured as three milestone payments: one when the company applies for a building permit for the new facility, a second when it receives a certificate of occupancy for that building and a final payment when the company satisfies its obligations under the Commonwealth’s agreement. The Commonwealth Opportunity Fund requires a local 1-to-1 match for the state award.
The expansion announced by staff will include about 201 jobs and approximately $200 million in capital investment. County staff said the bulk of the positions will be manufacturing roles…
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