Item Coversheet

Spotsylvania County
Board of Supervisors Agenda
Executive Summary



Meeting Date:
September 11, 2018
Title:
Approval of IDX Impressions COF Performance Agreement with Associated Budget Adjustment and Appropriation
Type:
Action
Agenda Title:
Approval of IDX Impressions, LLC Commonwealth Opportunity Fund (COF) Performance Agreement with Associated Budget Adjustment and Appropriation
Recommendation:
Recommendation to approve IDX Impressions, LLC Commonwealth Opportunity Fund (COF Grant) Performance Agreement
Non-Staff Name and Title of Presenters:
Recommendation to approve IDX Commonwealth Opportunity Fund Performance Agreement to further create jobs and make significant capital investment.
Summary:

Attached is the IDX Impressions, LLC COF Grant Performance Agreement through the Virginia Economic Development Partnership (VEDP) for the purpose of providing a local match in the amount of $75,000 for the creation of 25 jobs and a $2,680,000 capital investment that will induce the company to equip and expand the existing facility .

 

In conjunction with the Board’s approval of the second Commonwealth Opportunity Fund (COF) incentives grant to idX and associated local match, staff requests the Board’s approval of this budget adjustment amending the FY 2019 Budget to reflect the COF funding as well as the $150,000 total grant and local match incentive expenditure required by the COF Performance Agreement.

 

Staff requests that $75,000 of the $3.2 million budgeted in the Capital Projects Fund for the former GM Plant Purchase project (now the Back 40 Site Improvements project) be allocated and appropriated to the EDO Fund as the County’s $75,000 local match of the State’s $75,000 COF incentive grant.

Committee/Commission Summary:
Economic Development Authority
Review Date:
January 25, 2018
Status:Approved
Financial Impact:
Please see the budget adjustment and appropriation.
Staff Contacts:
Tom Rumora, Director of Economic Development and Tourism
Legal Counsel:
Karl Holsten, County Attorney
Additional Background/Other Considerations:
N/A
Consequence of Denial/Inaction:
Company will not receive the COF Grant funds to create jobs and make significant capital investment.
Talking Points:
Recommendation to approve IDX Commonwealth Opportunity Fund Performance Agreement to further create jobs and make significant capital investment.

ATTACHMENTS:
File NameDescriptionType
idx_$75000_agreement.pdfPerformance AgreementAgreement
Budget_Adjustment_for_EDO_Incentives_-_2nd_COF_Agreement.docBudget AmendmentBudget Amendment
Appropriation_for_EDO_Incentives_-_2nd_COF_Agreement.docAppropriationAppropriation