AGENDA DATE: 11/5/2025
TITLE:
Title
Commonwealth and Local Development Opportunity Fund Performance Agreements for the Afton Scientific Expansion
BODY
SUBJECT/PROPOSAL/REQUEST: Authorization to match the Commonwealth Development Opportunity Fund by executing the performance agreements for the Afton Scientific expansion
ITEM TYPE: Regular Action Item
STAFF CONTACT(S): Richardson, Henry, Herrick, Kilroy
PRESENTER (S): N/A
LEGAL REVIEW: Yes
REVIEWED BY: Jeffrey B. Richardson
BACKGROUND: Afton Scientific announced in September 2024 its plan to invest $200 million to build a new facility on Avon Court that would enable an expansion of its sterile injectable manufacturing operations and create 200 new jobs in Albemarle County. The company operates within the biotechnology & life sciences sector, which is a target industry in the County’s economic development strategic plan.
In spring 2024, the Economic Development Office (EDO) learned of Afton Scientific’s future expansion needs, which included a multi-state search for sites that could accommodate manufacturing, offices, research and development, and warehousing.
STRATEGIC PLAN: Economic Prosperity - Foster an environment that stimulates diversified job creation, capital investments, and tax revenues that support community goals.
DISCUSSION: With the company engaging in a multi-state search, partners in state government (including the Governor’s Office, Secretary of Commerce & Trade, and the Virginia Economic Development Partnership (VEDP)), and local government were able to work with the company to provide incentives that made locating the expansion in Albemarle County financially feasible. Afton Scientific is now proceeding with building a second facility on Avon Court.
VEDP, in consultation with the Governor’s Office, determined Afton Scientific Expansion was eligible for several state incentives based on its projected job creation and capital investment: $540,000 from the Commonwealth Development Opportunity Fund (COF), which requires a 1:1 match from the locality, as well as recruitment and training support through Virginia’s Talent Accelerator Program, valued at $768,000. The terms of the COF award are provided in the state agreement (Attachment A), including a required capital investment of $202,422,101 and the creation of 201 new jobs. The agreement between the County and the company is provided in Attachment B, requiring that the company fully satisfy its obligations to the Commonwealth of Virginia in order to receive the full County match award, with interim construction milestones related to the building permit and the certificate of occupancy.
BUDGET IMPACT: Albemarle County’s match of up to $540,000 for the Commonwealth Development Opportunity Fund (COF) grant will come from the Economic Development Investment Pool.
RECOMMENDATION:
Recommendation
Staff recommends the Board adopt the Resolution found in Attachment C to authorize the County Executive to sign the State and Local COF Performance Agreements once each agreement is approved to form and substance by the County Attorney.
ATTACHMENTS:
A - State COF Performance Agreement
B - Local COF Performance Agreement
C - Proposed Resolution to Authorize the County Executive to Sign the COF Performance Agreements