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Quarterly Report on Commonwealth's Development Opportunity Fund, Second Quarter of 2026 Fiscal Year

Summary

This is a February 3, 2026 letter addressed 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) per § 2.2-115(G). It reports that as of December 31, 2025, a total of $459,182,881 had been appropriated to the Fund over time and that the available balance is $9,884,803, taking into account COF preapprovals of $37,690,000. For the second quarter of the 2026 fiscal year, a total of $13,800,000 was committed from the Opportunity Fund to assist six projects, with total committed job creation of 1,106 and committed investment totaling $2.7 billion. The signature block names Jason El Koubi, President and Chief Executive Officer.

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“Quarterly Report on Commonwealth's Development Opportunity Fund, Second Quarter of 2026 Fiscal Year.” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2026-rd217-6159c60bdc/, SHA-256 111703ffeacad535229325c0ec05025603fa55a239c4d89672e3794be7f95148.

Full text

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        February 3, 2026



        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 second quarter
        of the 2026 fiscal year as required by§ 2.2-115(G) of the Code of Virginia.

        As of December 31, 2025, a total of $459,182,881 had been appropriated to the Fund
        over time. As of December 31, 2025, the Cardinal Financial System cash balance was
        $150,086,765, and the balance available for future commitments totaled $47,574,803.
        Taking into account COF preapprovals of $37,690,000 made by the Secretary of
        Commerce and Trade, the available balance is $9,884,803. Active grants awarded
        since the inception of the Fund total 727.

        For the second quarter of the 2026 fiscal year, ended December 31, 2025, a total of
        $13,800,000 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 1,106
        while committed investment totaled $2.7 billion. Summaries on these projects follow:




901 E. Cary Street, Suite 900
Richmond, Virginia 23219
VEDP.org
Money Committee Chair
February 3, 2026
Page 2


  1. City of Buena Vista: Modine Manufacturing, a manufacturer of heating and
     cooling equipment, will expand its existing facility in the City of Buena Vista. This
     expansion will create 57 new jobs and a $19.6 million investment (amount of
     grant: $300,000; use of grant: building construction; other grants awarded:
     Virginia Jobs Investment Program grant of $57,000; local match: $300,121;
     anticipated completion date: September 2030; average wage of new jobs:
     $65,596; prevailing average wage: $50,248). This project has been announced.

  2. Rockingham County: Merck, a global biopharmaceutical company, will expand
     its existing facility in Rockingham County. This expansion will create 168 new
     jobs and a $1.9 billion investment (amount of grant: $4,000,000; use of grant:
     building construction; other grants awarded: Virginia Investment Performance
     grant of $5,000,000; local match: $51,000,000; anticipated completion date:
     December 2032; average wage of new jobs: $101,131; prevailing average wage:
     $56,737). This project has been announced.

  3. Roanoke County: Elbit Systems of America, a manufacturer of night vision
     equipment, will expand its existing facility in Roanoke County. This expansion will
     create 288 new jobs and a $30.2 million investment (amount of grant:
     $1,200,000; use of grant: building improvements; other grants awarded: Virginia
     Jobs Investment Program grant of $288,000, Virginia Investment Performance
     grant of $300,000; local match: $1,200,000; anticipated completion date:
     December 2029; average wage of new jobs: $68,134; prevailing average wage:
     $55,377). This project has been announced.

  4. Not Yet Announced.

  5. Not Yet Announced.
Money Committee Chair
February 3, 2026
Page 3


     6. City of Chesapeake: LS Cable America, a manufacturer of copper and
        magnetics, will locate its facility in the City of Chesapeake. This location will
        create 433 new jobs and an investment of $689.7 million (amount of grant:
        $7,300,000; use of grant: building construction; other grants awarded: Virginia
        Investment Performance grant of $1,475,000, Port Economic and Infrastructure
        Development grant of $510,000; local match: $7,762,500; anticipated completion
        date: December 2033; average wage of new jobs: $70,783; prevailing average
        wage: $59,191). 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 second quarter of the 2026 fiscal year, actual disbursements from the Fund
totaling $4,411,882 were made to the City of Newport News for Certified Origins, Fairfax
County for Systems Planning and Analysis, Prince William County for Granules, the City
of Richmond for PPD, the City of Harrisonburg for Shenandoah Valley Organic, Henrico
County for Simplisafe, the City of Alexandria for Systems Planning and Analysis, and
Scott County for VFP.

Sincerely,



Jason El Koubi
President and Chief Executive Officer

JRE:kme

Enclosures

cc      The Honorable Carrie H. Chenery
        Secretary of Commerce and Trade

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