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Henrico authorizes performance agreement for ABB expansion; VEDP grant and local match to support $28.5M investment and 108 jobs
Summary
The Board approved a performance agreement enabling a VEDP grant of up to $300,000 and a county 1:1 local match routed through the EDA; ABB pledged at least $28.5 million in capital investment and 108 new jobs at its Henrico facility.
Henrico County supervisors on Nov. 12 authorized the county manager to execute a performance agreement among the county, the county Economic Development Authority, the Virginia Economic Development Partnership (VEDP) and ABB Incorporated. Economic development staff said VEDP will provide a grant of up to $300,000 from the Commonwealth Development Opportunity Fund and the county will provide a required 1:1 local match through the EDA.
In return, ABB committed to invest at least $28.5 million in capital improvements at its Henrico…
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