Pandemic Darlings The pandemic economy, in original documents
Home Source documents Quarterly Report on Commonwealth's Development Opportunity Fund (COF) (July 31, 2024)

Quarterly Report on Commonwealth's Development Opportunity Fund (COF) (July 31, 2024)

Summary

This is a letter dated July 31, 2024 to The Honorable L. Louise Lucas, The Honorable Luke E. Torian and The Honorable Vivian E. Watts, with the subject Quarterly Report on Commonwealth's Development Opportunity Fund (COF). It documents transactions of the Fund in the fourth quarter of the 2024 fiscal year. As of June 30, 2024, the balance available for future commitments totaled $24,364,106. For the quarter, a total of $33,371,866 was committed to assist eight projects, among them LS Cable & System in the City of Chesapeake (grant of $13,200,000). Actual disbursements totaling $427,350 were made to Bland County for ABB, the City of Petersburg for AMPAC, the City of Hampton for Huntington Ingalls, and Rockbridge County for Modine.

Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used

Cite this document

“Quarterly Report on Commonwealth's Development Opportunity Fund (COF) (July 31, 2024).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2024-rd464-496aa46d3a/, SHA-256 e1229b6dac5e1bf84097e23697f4e621afe82d438427c8c59e690710032eb084.

Full text

VEDPI-
         July 31, 2024



         The Honorable L. Louise Lucas                    The Honorable Luke E. Torian
         Chair                                            Chair
         Senate Finance and Appropriations                House Appropriations Committee
           Committee                                      4222 Fortuna Plaza, Suite 659
         P.O. Box 700                                     Dumfries, Virginia 22025
         Portsmouth, Virginia 23705

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

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

         Senator and Delegates:

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

         As of June 30, 2024, a total of $415,694,21 O had been appropriated to the Fund over
         time. As of June 30, 2024, the Cardinal Financial System cash balance was
         $128,436,181, and the balance available for future commitments totaled $24,364,106.
         Taking into account COF preapprovals of $12,523,750 made by the Secretary of
         Commerce and Trade, however, the available balance is $11,840,356. Generally, 40%
         of preapprovals, or $5,009,500, do not move forward, and the available balance is more
         likely approximately $17,000,000. Active grants awarded since the inception of the Fund
         total 710.

         For the fourth quarter of the 2024 fiscal year, ended June 30, 2024, a total of
         $33,371,866 was committed from the Opportunity Fund to assist eight projects
         relocating to or expanding in the state. Total committed job creation of these projects
         was 1,130, while committed investment totaled $1.48 billion. Summaries on these
         projects follow:




  901 E. Cary Street. Suite 900
1 Richmond, Virginia 23219
  VEDP.org
Money Committee Chair
July 31, 2024
Page 2


   1. Chesterfield County: Condair, a manufacturer of industrial cooling equipment,
      will locate a new facility in Chesterfield County. This location will create 180 new
      jobs and an investment of $57.2 million (amount of grant: $700,000; use of grant:
      building upfits; other grants awarded: Port Economic and Infrastructure
      Development grant of $90,000; local match: $700,000; anticipated completion
      date: March 2029; average wage of new jobs: $70,806; prevailing average wage:
      $59,566). This project has been announced.

   2. Town of Blackstone: JKOZ Engineering, a manufacturer of aerospace and
      defense components, will locate a new facility in the Town of Blackstone
      (Nottoway County). This location will create 45 new jobs and an investment of
      $5.0 million (amount of grant: $125,000; use of grant: building upfits; other grants
      awarded: Virginia Jobs Investment Program grant of $25,500; local match:
      $97,200; anticipated completion date: March 2029; average wage of new jobs:
      $44,331; prevailing average wage: $50,041). This project has been announced.

   3. Chesterfield County: Haldor Topsoe, a manufacturer of hydrogen fuel cells, will
      locate a new facility in Chesterfield County. This location will create 150 new jobs
      and a $400.0 million investment (amount of grant: $6,000,000; use of grant:
      building construction; other grants awarded: Port Economic and Infrastructure
      Development grant of $450,000; local match: $6,000,000; anticipated completion
      date: June 2030; average wage of new jobs: $66,152; prevailing average wage:
      $57,534). This project has been announced.

   4. Russell County: Simmons Equipment, a manufacturer of mining machinery and
      equipment, will expand its existing facility in Russell County. This expansion will
      create 75 new jobs and an investment of $8.2 million (amount of grant: $270,000;
      use of grant: building upfits; other grants awarded: none; local match: $400,000;
      anticipated completion date: June 2027; average wage of new jobs: $55,667;
      prevailing average wage: $46,351). This project has been announced.

   5. Not Yet Announced.

   6. Not Yet Announced.

   7. Not Yet Announced.

   8. City of Chesapeake: LS Cable & System, a manufacturer of subsea cable, will
      locate a new facility in the City of Chesapeake. This location will create 338 new
      jobs and invest $681.1 million (amount of grant: $13,200,000; use of grant:
      building construction; other grants awarded: Port Economic and Infrastructure
      Development grant of $513,000; local match: $15,000,000; anticipated
      completion date: June 2029; average wage of new jobs: $76,227; prevailing
      average wage: $55,642). This project has been announced.

For the projects that have been announced, I am enclosing a profile and analysis and
recommendation by the Virginia Economic Development Partnership.
Money Committee Chair
July 31, 2024
Page 3


For the fourth quarter of the 2024fiscal year, actual disbursements from the Fund
totaling $427,350 were made to Bland County for ABB, the City of Petersburg for
AMPAC, the City of Hampton for Huntington Ingalls, and Rockbridge County for Modine.

     cerely,
               , c:s:2._
       o-.--   .

Jason I Koubi
Preside and Chief Executive Officer

JRE:kme

Enclosures

cc      The Honorable Caren Merrick
        Secretary of Commerce and Trade

File and source

File
2024-RD464.pdf
Size
422,318 bytes
SHA-256
e1229b6dac5e1bf84097e23697f4e621afe82d438427c8c59e690710032eb084
Our copy
2024-RD464.pdf
Original
No public link identified.
Back to top