AGENDA DATE: 10/19/2021
TITLE:
Title
Commonwealth and Local Development Opportunity Fund Performance Agreements for Project Packet
BODY
SUBJECT/PROPOSAL/REQUEST: Authorization from the Board and Economic Development Authority to match the Commonwealth Development Opportunity Fund by executing the performance agreements for Project Packet
ITEM TYPE: Regular Action Item
STAFF CONTACT(S): Richardson, Walker, Kamptner, DeLoria, Johnson, Schmack, Newberry
PRESENTER (S): Roger Johnson
LEGAL REVIEW: Yes
REVIEWED BY: Jeffrey B. Richardson
BACKGROUND: Project Packet is an international food and enzyme technology company headquartered in Albemarle County. The company operates within the "agribusiness and food processing" sector, which is a target industry in the County's economic development strategic plan, Project ENABLE.
In late 2019, the Economic Development Office (EDO) learned of Project Packet's future expansion plans. These plans included additional space for manufacturing, offices, research and development, and warehousing. EDO staff assisted the expansion effort by identifying potential sites and providing estimated timelines for regulatory review. The cost, limited supply of available sites, and timeline for regulatory review posed significant challenges to Project Packet's expansion within Albemarle County. As a result, Project Packet was initially unable to find a suitable location and broadened their search parameters to include other areas of the Central Virginia region and locations across the United States.
STRATEGIC PLAN: Economic Prosperity - Foster an environment that stimulates diversified job creation, capital investments, and tax revenues that support community goals.
DISCUSSION: Following an exhaustive search for an expanded operation within the region, Project Packet was at significant risk of relocating out of the state. As a result, the Virginia Economic Development Partnership (VEDP), in consultation with the Governor's...
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