Break-Even Point; State and Local Incentives. VEDP has estimated that the Commonwealth of Virginia will reach its “break-even point” by the Performance Date. The break-even point compares new revenues realized as a result of the Capital Investment and New Jobs at the Facility with the Commonwealth of Virginia’s expenditures on incentives, including but not limited to the GOF Grant. With regard to the Facility, the Commonwealth of Virginia expects to provide incentives in the following amounts: Category of Incentive: Total Amount GOF Grant $300,000 Virginia Jobs Investment Program (“VJIP”) (Estimated) $417,200 The Locality, together with FMA, expects to provide the following incentives, as matching grants or otherwise, for the Facility: Category of Incentive: Total Amount City of Hampton - Local Job Creation and Capital Investment Grant (“Local Grant”) $150,000 FMA -- 36 Month Rental Rate Reduction (“Rent Reduction”) $150,000 If, at the Performance Date, the amount of funds disbursed or committed to be disbursed to the Company by the Authority through the Local Grant totals less than the $150,000 portion of the GOF Grant local match requirement allocable to the Locality, the Authority, subject to appropriation, will make an additional grant to the Company of the difference, so long as the Company has met its Targets. If, at the Performance Date, the amount of the rent reduction made available to the Company from FMA totals less than the $150,000 portion of the GOF Grant local match requirement allocable to FMA, FMA, subject to appropriation, shall make an additional grant to the Company of the difference, so long as the Company has met its Targets. The proceeds of the GOF Grant and the Local Grant shall be used for the purposes described in Section 3 hereinabove. The VJIP Grant proceeds shall be used by the Company to pay or reimburse itself for recruitment and training costs. The Rent Reduction shall reflect cost savings to the Company.
Break-Even Point; State and Local Incentives. (a) State-Level Incentives: VEDP has estimated that the Commonwealth will reach its “break-even point” by the Performance Date. The break-even point compares new revenues realized as a result of the Capital Investment and New Jobs at the Facility with the Commonwealth’s expenditures on discretionary incentives, including but not limited to the COF Grant. With regard to the Facility, the Commonwealth expects to provide incentives in the following amounts: Category of Incentive: Total Amount COF Grant $50,000 Virginia Jobs Investment Program (“VJIP”) (Estimated) 121,500 Enterprise Zone Real Property Investment Grant (“EZRPIG”) (Estimated) 200,000 Enterprise Zone Job Creation Grant (“EZJCG”) (Estimated) 595,400 Port of Virginia Economic and Infrastructure Development Grant (“Port Grant”) 100,500 Attachment: PRINCO COF Performance Agreement 08.07.2023 CLEAN [Revision 1] (Commonwealth's Opportunity Fund Grant Performance Machinery and Tools Sales and Use Tax Exemption (if Company meets statutory criteria) Up to 660,000 The proceeds of the COF Grant shall be used for the purposes described in Section 3(c). The VJIP grant proceeds shall be used by the Company to pay or reimburse itself for recruitment and training costs. The proceeds of the EZRPIG, the EZJCG, and the Port Grant may be used by the Company for any lawful purpose.
Break-Even Point; State and Local Incentives
