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Henrico approves ABB performance agreement — state grant plus local match to support $28.5M investment and 108 jobs
Summary
The Board authorized a performance agreement enabling a VEDP grant of up to $300,000 to the county (with a required 1:1 local match) to support ABB Incorporated’s planned $28.5 million capital investment and a hire/maintain commitment for 108 jobs in eastern Henrico.
On Nov. 12 the Henrico County Board of Supervisors approved a performance agreement between the county, its economic development authority (EDA), the Virginia Economic Development Partnership (VEDP) and ABB Incorporated. Under the agreement VEDP will provide a grant of up to $300,000 from the Commonwealth Development Opportunity Fund to the county; the county/EDA will provide a 1:1 local match and pass an EDA grant to ABB.
Economic development staff said ABB will invest at least $28.5 million in its Henrico facility and create and maintain 108 jobs. The agreement documents conditions for grant payments and reporting. The board moved and carried the resolution; no public comment was recorded on the item.
