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Virginia: Transactions of the Commonwealth's Opportunity Fund, Fourth Quarter of the 2020 Fiscal Year

Summary

A letter dated August 10, 2020 from Stephen Moret, President and Chief Executive Officer, to the chairs of the Senate Finance Committee, House Appropriations Committee and House Finance Committee. It documents transactions of the Commonwealth's Opportunity Fund (COF) during the fourth quarter of the 2020 fiscal year, as required by Chapter 836. The letter states that $334,895,121 had been appropriated to the Fund as of June 30, 2020, and that $5,274,000 was committed to assist 11 projects, with total committed job creation of 1,947 and committed investment of $370.8 million. It adds that actual disbursements from the Fund totaled $4,880,000.

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“Virginia: Transactions of the Commonwealth's Opportunity Fund, Fourth Quarter of the 2020 Fiscal Year.” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2020-rd284-0adb13272e/, SHA-256 3e292143ddff5862eb3dd8dc57e8c453655d040cf08242474318b49ee2c2781a.

Full text

August 10, 2020



The Honorable Janet D. Howell                       The Honorable Luke E. Torian
Chair                                               Chair
Senate Finance Committee                            House Appropriations Committee
P.O. Box 2608                                       4222 Fortuna Plaza, Suite 659
Reston, Virginia 20195                              Dumfries, Virginia 22025

The Honorable Vivian E. Watts
Chair
House Finance Committee
8717 Mary Lee Lane
Annandale, Virginia 22003

Dear Chair:

I am writing to provide documentation of the transactions of the Commonwealth’s Opportunity
Fund (COF) which have occurred during the fourth quarter of the 2020 fiscal year as required by
Chapter 836, Item 125.G.

As of June 30, 2020, a total of $334,895,121 had been appropriated to the Fund. As of June 30,
2020, the Cardinal Financial System cash balance was $40,298,862, and the balance available
for future commitments totaled $22,729,911. However, when the COF preapprovals of
$13,541,500 made by the Secretary of Commerce and Trade are taken into account, the
available balance is reduced to $9,188,411. Observing the rule that 40% of preapprovals, or
$5,416,600, will not move forward, the available balance becomes $14,605,011. Active grants
awarded since the inception of the Fund total 661.

For the fourth quarter of the 2020 fiscal year, ended June 30, 2020, a total of $5,274,000 was
committed from the Opportunity Fund to assist 11 projects relocating to or expanding in the
state. Total committed job creation of these projects was 1,947, while committed investment
totaled $370.8 million. Summaries on these projects follow:

   1. Augusta County: Hershey, a manufacturer of confectionery products, will expand its
      manufacturing facility in Augusta County. This project will create 110 new jobs and an
      investment of $135.0 million (amount of grant: $1,100,000; use of grant: building
      construction). This project has been announced.

   2. City of Newport News: East Coast Repair and Fabrication is a provider of metal
      fabrication for the maritime industry. The company will expand its facility in the City of
      Newport News and will create 332 new jobs and an investment of $64.4 million (amount
      of grant: $664,000; use of grant: infrastructure improvements and building construction).
      This project has been announced.
Committee Chair
August 10, 2020
Page 2


  3. Alleghany County: Schaefer Rolls, a manufacturer of roll and roll covers for the paper
     and film industries, will expand its facility in Alleghany County. This expansion will create
     31 new jobs and an investment of $5.9 million (amount of grant: $55,000; use of grant:
     building improvements and workforce training). This project has been announced.

  4. Pittsylvania County: Rage Corporation, a manufacturer of custom injection molded
     containers, products, and components, will expand its existing facility in Pittsylvania
     County. The company will create 200 new jobs and invest $34.0 million (amount of
     grant: $500,000; use of grant: site development and building construction). This project
     has been announced.

  5. Henrico County: ASGN/Apex Systems is an information technology consulting
     company. Expanding in Henrico County and the Cities of Virginia Beach and Roanoke,
     this project will create 700 new jobs and an investment of $12.4 million (amount of grant:
     $900,000; use of grant: workforce training and building improvements). This project has
     been announced.

  6. Not Yet Announced.

  7. Henry County: Applied Felts, a manufacturer of felt and fiberglass liners, will expand its
     existing facility in Henry County. The company will create 15 new jobs and invest $2.0
     million (amount of grant: $65,000; use of grant: building improvements). This project has
     been announced.

  8. City of Lynchburg: Bausch & Lomb, a manufacturer of contact lens, will expand its
     operations in the City of Lynchburg. The company will create 79 new jobs and invest
     $35.4 million (amount of grant: $210,000; use of grant: building construction). This
     project has been announced.

  9. Henry County: Drake Extrusion, a manufacturer of polypropylene fiber, will expand its
     existing facility in Henry County. This location will create 30 new jobs and an investment
     of $6.9 million (amount of grant: $90,000; use of grant: building improvements). This
     project has been announced.

  10. Not Yet Announced.

  11. Grayson County: Metalworx, a manufacturer of metal components, will locate a new
      facility in Grayson County. The company will create 59 new jobs and invest $7.6 million
      (amount of grant: $150,000; use of grant: building construction). This project has been
      announced.
DocuSign Envelope ID: F9C2EDEC-D7B5-426C-BCC8-88C71AACA33E




            Committee Chair
            August 10, 2020
            Page 3


            For the projects which have been announced, I am enclosing a profile and analysis and
            recommendation by the Virginia Economic Development Partnership.

            For the fourth quarter of the 2020 fiscal year, actual disbursements from the Fund were made
            to Shenandoah County for Howell Metal, Hanover County for Wegmans, the City of Portsmouth
            for Preferred Freezer Services, Roanoke County for Volvo, Fairfax County for KPMG, and
            Chesterfield County for DuPont. Actual disbursements totaled $4,880,000.

            Sincerely,



            Stephen Moret
            President and Chief Executive Officer

            SM:kme

            Enclosures

            cc      The Honorable Brian Ball
                    Secretary of Commerce and Trade

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