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 discretionary incentives in the following amounts: Category of Incentive: Total Amount COF Grant $__________ Virginia Jobs Investment Program (“VJIP”) (Estimated) Tobacco Region Opportunity Fund Grant (“TROF”) Enterprise Zone Real Property Investment Grant (“EZRPIG”) (Estimated) Enterprise Zone Job Creation Grant (“EZJCG”) (Estimated) Virginia Investment Performance Grant (“VIP Grant”) Virginia Talent Accelerator Program (“Virginia Talent Accelerator”) (Approximate Value) Major Eligible Employers Grant (“XXX Xxxxx”) Virginia Economic Development Incentive Grant (“VEDIG”) Major Business Facility Job Tax Credit (“MBFJTC”) (Estimated) Port of Virginia Economic and Infrastructure Development Grant (“Port Grant”) [Other] 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 TROF Grant [shall][may] be used for __________________________[any lawful purpose].] [The proceeds of [the EZRPIG,] [the EZJCG,] [the VIP Grant,] [the XXX Xxxxx,] [the VEDIG,] [and the Port Grant] may be used by the Company for any lawful purpose.] [The MBFJTC will serve as an offset to Virginia corporate income taxes that may be owed by the Company.] [The Virginia Talent Accelerator represents the value to the Company of workforce development services expected to be provided by VEDP to the Company for recruitment and training.]
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
