Economic Development Incentive Payments (312)
| Request Title | Infrastructure Upgrades for Pharmaceutical Manufacturing Economic Development |
| Biennium | 2020-2022 |
| Budget Round | Amended Bill |
| Half Sheet Number | 112 #1c |
Description
|
This amendment provides $10.0 million in the second year from the general fund to improve a chemical plant complex located in the City of Petersburg. The improvements to the site will allow the facility to support economic development in the region through the recruitment and retention of pharmaceutical manufacturers. Funding is contingent upon (i) an executed performance agreement between Phlow Corporation, the City of Petersburg and the Virginia Economic Development Partnership; and (ii) an executed loan to the City of Petersburg through the Department of Environmental Quality's Virginia Clean Water Revolving Loan Fund. |
Funding Details
| By Program | Program Code | Program Title | FY 2020 | FY 2021 |
| 534 | Economic Development Services | $0 | $10,000,000 | |
| By Fund | Fund Code | Fund Title | FY 2020 | FY 2021 |
| 01000 | General Fund | $0 | $10,000,000 |
Authorized Position Details
| By Program | Program Code | Program Title | FY 2020 | FY 2021 |
p3_opview - Official Enacted Budget View Operating Bullet Details - 06-07-2025 19:38:51
