Quarterly Report on Commonwealth's Development Opportunity Fund (COF) — Letter of

Summary

This is a letter dated November 6, 2023 to the co-chairs of the Senate Finance and Appropriations Committee and the chairs of the House Appropriations Committee and House Finance Committee, with the subject Quarterly Report on Commonwealth's Development Opportunity Fund (COF) per § 2.2-115(G). It states that as of September 30, 2023 a total of $408,886,601 had been appropriated to the Fund and the cash balance was $107,642,322. For the first quarter of the 2024 fiscal year, $15,337,500 was committed to assist five projects, with total committed job creation of 791 and committed investment of $786.3 million. The summaries include a $2,000,000 grant for Press Glass in Henry County, and disbursements of $197,284 were made to the City of Virginia Beach for Acoustical Sheetmetal.

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Full text

November 6, 2023

The Honorable Janet D. Howell The Honorable George L. Barker
Co-Chair Co-Chair
Senate Finance and Appropriations Senate Finance and Appropriations
Committee Committee
P .0. Box 2608 P.O. Box 10527
Reston, Virginia 20195 Alexandria, Virginia 2231 O

The Honorable Barry D. Knight The Honorable Roxann L. Robinson
Chair Chair
House Appropriations Committee House Finance Committee
1852 Mill Landing Road P.O. Box 4627
Virginia Beach, Virginia 23457 Midlothian, Virginia 23112

RE: Quarterly Report on Commonwealth's Development Opportunity Fund (COF) per
§ 2.2-115(G)

Senators and Delegates:

I am writing to provide documentation of the transactions of the Commonwealth's
Development Opportunity Fund (COF) which have occurred during the first quarter of
the 2024 fiscal year as required by § 2.2-11 S(G) of the Code of Virginia.

As of September 30, 2023, a total of $408,886,601 had been appropriated to the Fund
over time. As of September 30, 2023, the Cardinal Financial System cash balance was
$107,642,322, and the balance available for future commitments totaled $50,492,681.
Taking into account COF preapprovals of $36,215,000 made by the Secretary of
Commerce and Trade, however, the available balance is $14,277,681. Generally, 40%
of preapprovals, or $14,486,000, do not move forward, and the available balance is
more likely approximately $29,000,000. Active grants awarded since the inception of the
Fund total 700.

For the first quarter of the 2024 fiscal year, ended September 30, 2023, a total of
$15,337,500 was committed from the Opportunity Fund to assist five projects relocating
to or expanding in the state. Total committed job creation of these projects was 791,
while committed investment totaled $786.3 million. Summaries on these projects follow:

901 E. Cary Street, Suite 900
Richmond, Virginia 23219
VEDP.org
Money Committee Chair
November 6, 2023
Page 2

1. Henrico County: Berkley Mid-Atlantic Group will expand its existing insurance
facility in Henrico County. This expansion will create 72 new jobs and an
investment of $6.1 million (amount of grant: $217,500; use of grant: building
upfits; other grants awarded: Virginia Jobs Investment Program grant of $43,200;
local match: $217,500; anticipated completion date: June 2026; average wage of
new jobs: $99,162; prevailing average wage: $66,174). This project has been
announced.

2. Not Yet Announced.

3. Pulaski County: Camrett Logistics will expand its existing warehouse and
storage facility in Pulaski County. This expansion will create 58 new jobs and an
investment of $2.2 million (amount of grant: $230,000; use of grant: building
upfits; other grants awarded: Virginia Jobs Investment Program grant of $46,400;
local match: $536,750; anticipated completion date: September 2026; average
wage of new jobs: $41,534; prevailing average wage: $48,804). This project has
been announced.

4. Henry County: Press Glass, a manufacturer of fabricated glass, will expand its
existing facility in Henry County. This expansion will create 335 new jobs and an
investment of $155.2 million (amount of grant: $2,000,000; use of grant: building
construction; other grants awarded: Virginia Jobs Investment Program grant of
$268,000, Enterprise Zone Job Creation grant of $374,800, Enterprise Zone Real
Property Investment grant of $223,178; local match: $7,100,000; anticipated
completion date: September 2028; average wage of new jobs: $40,397;
prevailing average wage: $41,718). This project has been announced.

5. City of Suffolk: Automatic Coating will locate a technologically-advanced
custom powder, liquid, and blasting facility in the City of Suffolk. This location will
create 50 new jobs and an investment of $22.8 million (amount of grant:
$200,000; use of grant: building upfits; other grants awarded: Virginia Jobs
Investment Program grant of $37,500; local match: $200,000; anticipated
completion date: September 2026; average wage of new jobs: $65,664;
prevailing average wage: $58,072). This project has been announced.
Money Committee Chair
November 6, 2023
Page3

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

For the first quarter of the 2024 fiscal year, actual disbursements from the Fund totaling
$197,284 were made to the City of Virginia Beach for Acoustical Sheetmetal.

Sincerely,

l:ubK>\.
President and Chief Executive Officer

JRE:kme

Enclosures

cc The Honorable Caren Merrick
Secretary of Commerce and Trade

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