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Transactions of the Development Opportunity Fund (COF), First Quarter of the 2026 Fiscal Year

Summary

This October 29, 2025 letter, addressed to the chairs of the Senate Finance and Appropriations Committee, the House Appropriations Committee and the House Finance Committee, is a quarterly report on the Development Opportunity Fund (COF) for the first quarter of the 2026 fiscal year. As of September 30, 2025, a total of $457,405,667 had been appropriated to the Fund over time, and the balance available for future commitments totaled $58,657,099. A total of $6,700,000 was committed from the Opportunity Fund to assist six projects, with total committed job creation of 1,955 and committed investment totaling $181.7 million. It also reports disbursements of $350,000 to Prince George County for Service Center Metals.

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“Transactions of the Development Opportunity Fund (COF), First Quarter of the 2026 Fiscal Year.” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2025-rd755-3613298eb2/, SHA-256 cea038bcb1cb699ec4fda5f3abb042047699fa9e0de6d27827126694bb984fa5.

Full text

October 29, 2025



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
Development Opportunity Fund (COF) which have occurred during the first quarter of
the 2026 fiscal year as required by § 2.2-115(G) of the Code of Virginia.

As of September 30, 2025, a total of $457,405,667 had been appropriated to the Fund
over time. As of September 30, 2025, the Cardinal Financial System cash balance was
$152,469,463, and the balance available for future commitments totaled $58,657,099.
Taking into account COF preapprovals of $31,150,000 made by the Secretary of
Commerce and Trade, the available balance is $27,507,099. Generally, 40% of
preapprovals, or $12,460,000, do not move forward, and the available balance is more
likely approximately $40,000,000. Active grants awarded since the inception of the Fund
total 716.

For the first quarter of the 2026 fiscal year, ended September 30, 2025, a total of
$6,700,000 was committed from the Opportunity Fund to assist six projects relocating to
or expanding in the state. Total committed job creation of these projects was 1,955,
while committed investment totaled $181.7 million. Summaries on these projects follow:
Money Committee Chair
October 29, 2025
Page 2


  1. Henrico County: ABB, a manufacturer of power production equipment, will
     expand its existing facility in Henrico County. This expansion will create 108 new
     jobs and a $28.5 million investment (amount of grant: $300,000; use of grant:
     building improvements; other grants awarded: Virginia Jobs Investment Program
     grant of $97,200, Enterprise Zone Job Creation grant of $281,600, Enterprise
     Zone Real Property Investment grant of $100,000; local match: $300,000;
     anticipated completion date: June 2028; average wage of new jobs: $62,987;
     prevailing average wage: $69,213). This project has been announced.

  2. Henry County: Nathan Trotter & Company, a manufacturer of tin and solder
     alloys, will locate a new facility in Henry County. This location will create 118 new
     jobs and a $46.0 million investment (amount of grant: $1,500,000; use of grant:
     building construction; other grants awarded: Virginia Jobs Investment Program
     grant of $51,200, Enterprise Zone Job Creation grant of $357,600, Enterprise
     Zone Real Property Investment grant of $200,000, Port Economic and
     Infrastructure Development grant of $88,500; local match: $3,685,065;
     anticipated completion date: September 2031; average wage of new jobs:
     $49,661; prevailing average wage: $45,270). This project has been announced.

  3. Chesterfield County: Hillphoenix, a manufacturer of food retail refrigeration and
     merchandising systems, will expand its existing facility in Chesterfield County.
     This expansion will create 321 new jobs and a $25.3 million investment (amount
     of grant: $900,000; use of grant: workforce recruitment and training; other grants
     awarded: Virginia Jobs Investment Program grant of $240,750; local match:
     $928,154; anticipated completion date: September 2028; average wage of new
     jobs: 106 at $62,208 and 215 at $48,000; prevailing average wage: $62,171).
     This project has been announced.

  4. City of Alexandria: Systems Planning and Analysis, a global provider of
     innovative solutions, will expand its existing headquarters in the City of
     Alexandria. This expansion will create 494 new jobs and a $33.4 million
     investment (amount of grant: $1,700,000; use of grant: building construction and
     improvements; other grants awarded: Virginia Jobs Investment Program grant of
     $229,000, Virginia Economic Development Incentive grant of $6,000,000; local
     match: $1,700,000; anticipated completion date: September 2030; average wage
     of new jobs: $152,828; prevailing average wage: $90,430). This project has been
     announced.
Money Committee Chair
October 29, 2025
Page 3


     5. Fairfax County: Systems Planning and Analysis, a global provider of innovative
        solutions, will expand its existing national security office in Fairfax County. This
        expansion will create 714 new jobs and an investment of $13.5 million (amount of
        grant: $1,500,000; use of grant: building construction and improvements; other
        grants awarded: Virginia Jobs Investment Program grant of $332,000; local
        match: $1,500,000; anticipated completion date: September 2030; average wage
        of new jobs: $124,076; prevailing average wage: $112,762). This project has
        been announced.

     6. Scott County: VFP, a manufacturer of prefabricated metal buildings and
        components, will expand its existing facility in Scott County. This expansion will
        create 200 new jobs and an investment of $35.0 million (amount of grant:
        $800,000; use of grant: building construction; other grants awarded: Virginia
        Investment Performance grant of $350,000, Enterprise Zone Job Creation grant
        of $446,500, Enterprise Zone Real Property Investment grant of $400,000; local
        match: $1,000,000; anticipated completion date: September 2030; average wage
        of new jobs: $41,182; prevailing average wage: $45,350). 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.

For the first quarter of the 2026 fiscal year, actual disbursements from the Fund totaling
$350,000 were made to Prince George County for Service Center Metals.

Sincerely,



Jason El Koubi
President and Chief Executive Officer

JRE:kme

Enclosures

cc      The Honorable Juan Pablo Segura
        Secretary of Commerce and Trade

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