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

Summary

Letter dated May 6, 2026 to the chairs of the Senate Finance and Appropriations Committee, the House Appropriations Committee and the House Finance Committee, giving the quarterly report on the Development Opportunity Fund (COF). It states that a total of $460,693,454 had been appropriated to the Fund since its inception in 1992 as of March 31, 2026, and that the available balance is $2,700,341 after COF preapprovals of $45,100,000. For the third quarter of the 2026 fiscal year, a total of $3,655,000 was committed to assist six projects, with committed job creation of 834 and committed investment of $88.1 million. Actual disbursements of $2,112,000 were made to New Kent County for AutoZone. The letter closes with the name Jason El Koubi, President and Chief Executive Officer.

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

Full text

May 6, 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
Development Opportunity Fund (COF) which have occurred during the third quarter of
the 2026 fiscal year as required by § 2.2-115(G) of the Code of Virginia.

As of March 31, 2026, a total of $460,693,454 had been appropriated to the Fund since
its inception in 1992. As of March 31, 2026, the Cardinal Financial System cash balance
was $153,995,603, and the balance available for future commitments totaled
$47,800,341. Taking into account COF preapprovals of $45,100,000 made by the
Secretary of Commerce and Trade, the available balance is $2,700,341. Active grants
awarded since the inception of the Fund total 725.

For the third quarter of the 2026 fiscal year, ended March 31, 2026, a total of
$3,655,000 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 834 while
committed investment totaled $88.1 million. Summaries on these projects follow:
Money Committee Chair
May 6, 2026
Page 2


  1. Fairfax County: Blue Sky Innovators, a defense intelligence contractor, will
     expand its existing facility in Fairfax County. This expansion will create 175 new
     jobs and a $7.0 million investment (amount of grant: $840,000; use of grant:
     building construction; other grants awarded: Virginia Jobs Investment Program
     grant of $90,000; local match: $840,000; anticipated completion date: December
     2030; average wage of new jobs: $210,057; prevailing average wage: $114,292).
     This project has been announced.

  2. City of Danville: Infinity Global, a luxury retail packaging company, will expand
     its existing facility in the City of Danville. This expansion will create 150 new jobs
     and a $34.7 million investment (amount of grant: $750,000; use of grant: building
     construction; other grants awarded: Enterprise Zone Job Creation grant of
     $402,000, Enterprise Zone Real Property Investment grant of $200,000, Port
     Economic and Infrastructure Development grant of $75,000; local match:
     $763,047; anticipated completion date: December 2030; average wage of new
     jobs: $56,277; prevailing average wage: $50,200). This project has been
     announced.

  3. Giles County: Interstate Group, a manufacturer of enclosed cargo, utility, and
     heavy-duty trailers, will expand its existing facility in Giles County. This
     expansion will create 46 new jobs and an $8.9 million investment (amount of
     grant: $200,000; use of grant: building construction and infrastructure costs;
     other grants awarded: Virginia Jobs Investment Program grant of $41,400; local
     match: $200,000; anticipated completion date: March 2031; average wage of
     new jobs: $47,304; prevailing average wage: $55,608). This project has been
     announced.

  4. City of Portsmouth: Radian Forge, a wire arc additive manufacturer, will locate
     its new facility in the City of Portsmouth. This location will create 53 new jobs and
     a $10.5 million investment (amount of grant: $265,000; use of grant: building
     upfits; other grants awarded: Virginia Jobs Investment Program grant of $32,400,
     Enterprise Zone Job Creation grant of $135,200, Enterprise Zone Real Property
     Investment grant of $100,000; local match: $265,000; anticipated completion
     date: March 2031; average wage of new jobs: $87,925; prevailing average wage:
     $68,258). This project has been announced.

  5. Fairfax County: GRVTY, a defense technology company, will expand its existing
     facility in Fairfax County. This expansion will create 200 new jobs and an
     investment of $8.0 million (amount of grant: $800,000; use of grant: building
     construction; other grants awarded: Virginia Jobs Investment Program grant of
     $120,000; local match: $800,000; anticipated completion date: March 2031;
     average wage of new jobs: $171,200; prevailing average wage: $114,292). This
     project has been announced.
Money Committee Chair
May 6, 2026
Page 3


     6. 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 third quarter of the 2026 fiscal year, actual disbursements from the Fund totaling
$2,112,000 were made to New Kent County for AutoZone.

Sincerely,



Jason El Koubi
President and Chief Executive Officer

JRE:kme

Enclosures

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

File and source

File

2026-RD329.pdf

Size

140,685 bytes

SHA-256

eb6d2c13c36edb705c194bd5caf3bb8871622733bf18f486102b79943fea0253

Our copy

2026-RD329.pdf

Original

No public link identified.