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Quarterly Report on Commonwealth's Development Opportunity Fund, January 27, 2025

Summary

This is a January 27, 2025 letter to the Chairs named for the Senate Finance and Appropriations Committee, the House Appropriations Committee and the House Finance Committee, headed RE: Quarterly Report on Commonwealth's Development Opportunity Fund (COF). It states that as of December 31, 2024, a total of $433,877,435 had been appropriated to the Fund over time. For the second quarter of the 2025 fiscal year, a total of $5,175,000 was committed to assist eight projects, with committed job creation of 928 and committed investment of $436.3 million. Listed projects include Traditional Medicinals in Franklin County (57 new jobs, a grant of $350,000). Actual disbursements totaling $1,000,000 were made to Buchanan County for Coronado Coal.

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“Quarterly Report on Commonwealth's Development Opportunity Fund, January 27, 2025.” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2025-rd133-d5aab708e3/, SHA-256 553afa4ecdfc2670f08cc1f0b5f2de8c3baa3b8624c3924d77de3e1f2b3db9a4.

Full text

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        January 27, 2025



        The Honorable L. Louise Lucas                  The Honorable Luke E. Torian
        Chair                                          Chair
        Senate Finance and Appropriations              House Appropriations Committee
          Committee                                    201 North 9th Street
        P.O. Box 396                                   General Assembly Building, Room 1223
        Richmond, Virginia 23218                       Richmond, Virginia 23219

        The Honorable Vivian E. Watts
        Chair
        House Finance Committee
        201 North 9th Street
        General Assembly Building, Room 907
        Richmond, Virginia 23219

         RE:       Quarterly Report on Commonwealth's Development Opportunity Fund (COF) per
                   § 2.2-11 S(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 second quarter
        of the 2025 fiscal year as required by § 2.2-11 S(G) of the Code of Virginia.

        As of December 31, 2024, a total of $433,877,435 had been appropriated to the Fund
        over time. As of December 31, 2024, the Cardinal Financial System cash balance was
        $132,553,074, and the balance available for future commitments totaled $46,034,486.
        Taking into account COF preapprovals of $31,082,800 made by the Secretary of
        Commerce and Trade, the available balance is $14,951,686. Generally, 40% of
        preapprovals, or $12,433,120, do not move forward, and the available balance is more
        likely approximately $27,000,000. Active grants awarded since the inception of the Fund
        total 719.

        For the second quarter of the 2025 fiscal year, ended December 31, 2024, a total of
        $5,175,000 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 928,
        while committed investment totaled $436.3 million. Summaries on these projects follow:




 901 E. Cary Street, Suite 900
 Richmond, Virginia 23219
 VEDP.org
Money Committee Chair
January 27, 2025
Page2


  1. Not Yet Announced.

  2. Not Yet Announced.

  3. Franklin County: Traditional Medicinals, a manufacturer of herbal tea, will
     locate a new facility in Franklin County. This location will create57 new jobs and
     a $47.0 million investment (amount of grant: $350,000; use of grant: building
     construction; other grants awarded: none; local match: $3,360 ,000; anticipated
     completion date: December2028; average wage of new jobs: $70,658 ; prevailing
     average wage: $45,154). This project has been announced.

  4. Washington County: Electro-Mechanical Corporation, a manufacturer of
     switchgear and switchboard apparatus, will expand its existing facility in
     Washington County. This expansion will create 109 new jobs and an investment
     of $16.6 million (amount of grant: $300,000; use of grant: building upfits; other
     grants awarded: Enterprise Zone Job Creation grant of $388,500, Enterprise
     Zone Real Property Investment grant of $100,000; local match: $500,000;
     anticipated completion date: December2027; average wage of new jobs:
     $47,115; prevailing average wage: $46,636). This project has been announced.

  5. Pittsylvania County: Cambridge Pavers, a manufacturer of cement and concrete
      products, will locate a new facility in Pittsylvania County. This location will create
     55 new jobs and an investment of $47.4 million (amount of grant: $220,000; use
      of grant: building construction and upfits; other grants awarded: Enterprise Zone
     Job Creation grant of $187,500, Enterprise Zone Real Property Investment grant
      of $200,000, Port Economic and Infrastructure Development grant of $82,500;
      local match: $4,253,098; anticipated completion date: December2027; average
      wage of new jobs: $58,141; prevailing average wage: $47,431). This project has
      been announced.
Money Committee Chair
January 27, 2025
Page 3


   6. City of Norton: Wrap Technologies, a manufacturer and distributor of non-lethal
      law enforcement and security technologies, will establish a new facility in the City
      of Norton. This location will create 126 new jobs and invest $4.1 million (amount
      of grant: $425,000; use of grant: building construction; other grants awarded:
      Virginia Jobs Investment Program grant of $126,000, Enterprise Zone Job
      Creation grant of $396,000; local match: $480,000; anticipated completion date:
      December 2027; average wage of new jobs: $64,561; prevailing average wage:
      $45,376). This project has been announced.

   7. Not Yet Announced.

   8. Not Yet Announced.

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

For the second quarter of the 2025 fiscal year, actual disbursements from the Fund
totaling $1,000,000 were made to Buchanan County for Coronado Coal.
Money Committee Chair
January 27, 2025
Page4


Sincerely,

       '2 .
             oubi
               d Chief Executive Officer

JRE:kme


Enclosures

cc     The Honorable Caren Merrick
       Secretary of Commerce and Trade

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