Status report on Commonwealth's Development Opportunity Fund (COF) projects approved from FY 17 through FY 24 in Post-Performance Period (excludes projects within performance period)1
Important note: Projects have reached their Performance Date or Subsequent Performance Date (i.e., date on which target performance levels are required by performance agreement)
As of December 31, 2023 - sorted by status (last column), then alphabetical

Status Key:
Yellow: Clawback in Process (not yet due)Green: Metrics Achieved or Clawback Amount Received in FullWhite: In Post Performance Follow-Up Period% of target
Jobs
jobs
Capitaltargetattained as
investment
Actual capital% of target
for Perf. Actual jobs as of of Perf.
target for Perf. investment as of capex attained
Date
Perf. Date
Date
Date ($)
Perf. Date ($)
as of Perf. Date

Initial Perf.
Date for
Extension% of target
meeting job, Granted avg. annualPerf.
investment, New Perf.
wage
Agreement and wage
Date (ifattainedDatetargets
applicable)

Avg. annual
wage target for
Perf. Date ($)

Actual avg.
annual wage asof Perf. Date ($)

91%

62,00076,438123%

11/2/2016

7/17/2020

10/17/2021 COVID-19

11,550,546
66,759,405
29,351,054
13,730,556

105%
117%
97%
110%

41,20046,20455,00090,00047,86552,50055,665104,062

116%
114%
101%
116%

3/28/2020
8/16/2016
1/19/2018
2/7/2018

6/30/2023
9/1/2019
12/31/2021
2/1/2021

None No extension
None No extension
3/31/2023 COVID-19
None No extension

None Metrics Achieved
None Metrics Achieved
None Metrics Achieved
None Metrics Achieved

30,000,000
2,500,000
6,800,000

32,930,000
019,192,922

110%
0%
282%

45,50038,000148,23161,055
0
185,848

134%
0%
125%

2/8/2017
7/23/2018
10/4/2016

3/1/2020
9/30/2021
6/30/2021

None No extension
12/31/2022 COVID-19
9/30/2022 COVID-19

None Metrics Achieved
None Full clawback of $150,000 received 5/22/23
None Underperformed; clawback of $253,750 received 3/3/23

0%
145%
113%
0%

5,175,000
17,000,000
5,139,122
4,000,000

0
16,081,966
6,532,716
0

0%
95%
127%
0%

347,275
40,00052,54743,333042,24552,865
0

0%
106%
101%
0%

9/19/2018
1/24/2018
7/20/2017
1/17/201812/31/2021
3/31/2021
6/1/2020
3/1/2021

None No extension
None No extension
None No extension
6/1/2022 COVID-19

0
0
0
0
177

0%
0%
0%
0%
67%

13,750,000
7,000,000
10,000,000
5,500,000
1,500,000

00001,670,571

0%
0%
0%
0%
111%

105,030
75,000147,882
85,50056,713000059,592

0%
0%
0%
0%
105%

11/9/201810/16/2018
8/11/2020
7/20/2017
9/1/2021

6/30/2022
6/30/2022
12/31/2022
6/30/2020
9/30/2021

None No extension
None No extension
None No extension
None No extension
None No extension

60
120
732
240

57
0
732
0

95%
0%
100%
0%

2,500,000
15,400,270
8,170,000
16,000,000

2,336,033
08,304,888
0

93%
0%
102%
0%

40,267
113,651
57,821
150,331

47,196
0
69,679
0

117%
0%
121%
0%

3/26/2018
7/31/2018
2/3/2017
8/23/2018

3/31/2021
9/30/2022
12/31/2019
12/31/2021

None No extension
None No extension
None No extension
None No extension

4,000,000
150,000
250,000
225,000
150,000
2,000,000
250,000
862,500
1,800,000

600
60
60
75
45
434
51
150
1,100

1,054
60
56
0
0
0
0
150
0

176%
100%
93%
0%
0%
0%
0%
100%
0%

110,000,000
25,100,000
110,500,000
10,400,000
31,197,395
82,800,000
15,500,000
5,000,000
54,700,000

175,309,000
30,723,852
137,016,000
00005,035,476
0

159%
122%
124%
0%
0%
0%
0%
101%
0%

61,00053,00070,90529,00047,31945,00044,903
127,919
73,372

132,835
56,04099,0890000144,265
0

218%
106%
140%
0%
0%
0%
0%
113%
0%

12/20/2016
11/30/2016
2/21/2020
10/15/2018
1/29/20199/26/20175/19/2020
6/13/2019
9/7/2018

1/31/2023
12/31/2019
12/31/2021
3/31/2022
6/30/2022
1/1/2022
12/31/2022
12/31/2021
6/30/2022

None No extension
None No extension
12/31/2022 COVID-19
6/30/2023 COVID-19
None No extension
4/1/2023 COVID-19
None No extension
None No extension
None No extension

Richmond City

675,000

158

57

36%

16,730,000

11,590,510

69%

110,000

119,390109%

7/1/2021

12/31/2022

None No extension

Augusta
Roanoke City
Spotsylvania
Spotsylvania
Giles

1,100,000
150,000
75,000400,000
200,000

110
46
25
150
83

485
0
0
133
65

441%
0%
0%
89%
78%

135,000,000
10,000,000
2,680,000
7,200,000
4,100,000

135,044,850
009,037,898
3,593,676

100%
0%
0%
126%
88%

47,00039,46250,00055,502
37,20051,7750056,54537,354

110%
0%
0%
102%
100%

11/1/2020
11/21/2017
9/12/2018
4/27/2017
3/28/2018

6/30/2023
7/31/2021
6/30/2021
6/30/2020
3/1/2021

None No extension
None No extension
9/30/2022 COVID-19
9/30/2021 COVID-19
None No extension

Intertape Polymer
Jennchem
Koinonia
LifeNet Health
MC DeanMerchant House
Microsoft BN8
Microstrategy
MohawkMonogram
Moore DM

Pittsylvania
RussellPulaski
Virginia Beach
Caroline
Bristol
Mecklenburg
Fairfax
Rockbridge
Henry
Henrico50,000100,000
100,000
700,000
500,000
300,000
500,000
1,000,000
73,000350,000
100,000

15
40
40
321
100
405
44
300
15
300
239

30
35
0
101
169
28
54
0
0
0
96

200%
88%
0%
31%
169%
7%
123%
0%
0%
0%
40%

7,000,000
5,000,000
4,905,000
12,254,000
25,095,001
19,908,100
251,590,000
6,000,000
10,000,000
30,000,000
24,948,285

15,064,190
4,489,597
012,963,123
31,670,160
20,909,388
688,425,394
00026,205,248

215%
90%
0%
106%
126%
105%
274%
0%
0%
0%
105%

40,06638,74035,30070,52451,60032,66447,00095,00034,88829,37046,956

60,847
43,146
072,27451,71937,72364,31300055,880

152%
111%
0%
102%
100%
115%
137%
0%
0%
0%
119%

11/1/2017
7/1/2017
1/23/201811/29/2017
3/12/2019
1/9/2018
8/24/2016
7/31/20187/24/20189/19/2018
5/5/2020

12/31/2020
9/1/2020
12/31/2021
12/31/2020
12/31/2021
3/31/2023
7/1/2019
3/1/2021
3/1/2021
12/31/2021
6/30/2023

None No extension
None No extension
None No extension
None No extension
3/31/2023 COVID-19
None No extension
None No extension
None No extension
None No extension
3/31/2023 COVID-19
None No extension

2017-137362
2015-128650
2017-137210

NestleNiagara Bottling
Novatech

Arlington
ChesterfieldHenry

6,000,000
500,000
100,000

748
76
50

813
114
18

109%
150%
36%

36,300,000
95,440,093
3,150,000

39,581,952
111,126,731
1,546,622

109%
116%
49%

127,719
50,63028,724140,230
53,42734,530

110%
106%
120%

5/1/2017
7/22/201612/13/2016

12/31/2019
9/30/201912/31/2019

2018-138520
2016-134852
2015-131897

O'Sullivan
Overfinch
OVH

Winchester
Danville
Fauquier

187,931125,000
1,250,000

61
41
54

0
0
0

0%
0%
0%

10,348,500
1,945,260
47,528,400

0
0
0

0%
0%
0%

53,85242,00058,333

0
0
0

0%
0%
0%

5/8/2019
8/8/2016
1/19/2017

10/1/2020
9/1/2022
12/31/2020

2016-137022

Owens & Minor

Richmond City

1,500,000

300

151

50%

15,000,000

8,361,343

56%

52,70052,821100%

7/10/2017

3/31/2020

None No extension
None No extension
3/31/2021 Job/Investment
ramp up delayed
1/1/2022 COVID-19
None No extension
3/31/2022 Job/Investment
ramp up delayed
None No extension

2016-136892
2020-141379
2015-129641

Panacea BioMatx
Patton (Athena)
Peet's Coffee & Tea

Pittsylvania
PulaskiSuffolk

105,000
150,000
1,000,000

70
33
135

0
34
0

0%
103%
0%

5,817,000
12,000,000
58,799,600

015,908,061
0

0%
133%
0%

52,742
48,86038,625054,460
0

0%
111%
0%

8/27/2018
3/20/2020
11/9/2016

9/30/2021
6/30/2023
12/31/2019

None No extension
None No extension
3/31/2021 Construction delay

Grant

Project
numberProject name2016-134861

Kyocera SGS Tech HubDanville

200,000

35

14

40%

9,500,000

8,672,674

2020-141313
2015-129649
2017-137703
2017-137490

Acesur
Aldi Food
Altec
American Institutes for
Research
American Woodmark
Amthor
Applied Predictive
Technologies

Suffolk
Dinwiddie
Botetourt
Arlington

120,000
450,000
400,000
500,000

29
145
180
320

37
158
248
291

128%
109%
138%
91%

10,965,000
57,000,000
30,200,000
12,500,000

FrederickPittsylvania
Arlington

550,000
150,000
1,750,000

55
70
368

56
0
263

102%
0%
71%

2018-140033
2017-137698
2016-134880
2017-138128

Arconic
AriakeAtarfilAtlantic Credit and FinanceFairfax
Harrisonburg
Suffolk
Roanoke City

750,000
75,00060,000250,000

58
22
15
115

0
32
17
0

2016-137025
2018-140061
2019-141046
2017-137462
2021-141906

AuroraBGF Industries
Block.one
Bloomberg BNA
CMA CGM

Manassas
Danville
Arlington
Arlington
Norfolk

500,000
275,000
600,000
500,000
457,125

135
65
170
125
265

2018-138491
2018-139948
2017-137040
2018-140212

Cogar
Giles
College Board
Fairfax
CoStarRichmond City
Discovery Communications Loudoun

150,000
750,000
4,000,000
500,000

2016-137003
2015-122398
2018-140031
2018-140345
2019-140684
2015-126988
2019-140730
2017-138126
2018-138496

Dollar Tree
Dominion Packaging
DuPontEmpire Bakery
Essel Propack
FergusonFlow Hydration
GerberGlobal Technical Systems

Chesapeake
HenricoChesterfieldFranklin
Danville
Newport News
Augusta
Arlington
Virginia Beach2019-141004

GSK

2020-141458
2017-137696
2018-138578
2015-127514
2017-137347

Hershey
Humm Kombucha
idX
idX
Interstate Group2017-138144
2017-137670
2017-137679
2018-138157
2018-140198
2017-138145
2015-126848
2018-138566
2017-138073
2018-140401
2020-141386

2016-133139
2018-139970
2015-131887

Locality

amount ($)

2

1

Reason for
Extension

34

Subsequent
Perf. Date (ifapplicable)

Status

1/17/2025 Full clawback of $200,000 requested 6/15/23; will be repaid inquarterly installments of $50,000 due 12/15/23 (received
12/15/23), 3/15/24, 6/15/24, and 9/15/24

None Full clawback of $750,000 received 2/25/19
None Metrics Achieved
None Metrics Achieved
None Full clawback of $250,000 received 12/8/22
None Full clawback of $500,000 received 3/25/22
3/31/2023 Full clawback of $275,000 received 2/4/21
None Full clawback of $600,000 received 7/5/23
None Full clawback of $500,000 received 12/14/20
None Underperformed; company received reduced payment of$305,325 on 10/31/22
None Metrics Achieved
None Full clawback of $750,000 received 12/8/22
12/31/2021 Metrics Achieved
None Full clawback of $500,000 received 7/29/20
None Metrics Achieved
None Metrics Achieved
None Metrics Achieved
None Full clawback of $225,000 received 10/10/23
None Full clawback of $150,000 received 12/8/22
None Full clawback of $2,000,000 received 5/15/23
12/31/2024 Full clawback of $250,000 received 6/8/23
None Metrics Achieved
None Full clawback of $1,800,000 received 7/27/22
None Underperformed; company received reduced payment of$265,275 on 6/22/23
None Metrics Achieved
None Full clawback of $150,000 received 7/16/19
None Full clawback of $75,000 received 4/12/23
9/30/2023 Underperformed; clawback of $22,000 received 7/14/22
None Underperformed; clawback of $34,000 received 11/30/21
None Metrics Achieved
9/1/2022 Underperformed; clawback of $6,000 received 5/14/21
None Full clawback of $100,000 received 10/31/22
None Underperformed; clawback of $241,500 received 6/11/20
None Metrics Achieved
None Underperformed; clawback of $139,500 received 7/18/23
None Metrics Achieved
None Full clawback of $1,000,000 received 7/1/21
None Full clawback of $73,000 received 4/6/21
3/31/2025 Full clawback of $350,000 received 6/28/23
None Underperformed; company received reduced payment of$41,450 on 1/16/24
None Metrics Achieved
None Metrics Achieved
6/30/2024 Underperformed; clawback of $57,500 received 12/12/22
None Full clawback of $187,931 received 2/28/22
None Full clawback of $125,000 received 5/1/23
None Full clawback of $1,250,000 received 4/27/22
None Underperformed; clawback of $750,000 received 1/28/21
None Full clawback of $105,000 received 2/28/22
None Metrics Achieved
None Full clawback of $1,000,000 received 3/30/20

Status report on Commonwealth's Development Opportunity Fund (COF) projects approved from FY 17 through FY 24 in Post-Performance Period (excludes projects within performance period)1
Important note: Projects have reached their Performance Date or Subsequent Performance Date (i.e., date on which target performance levels are required by performance agreement)
As of December 31, 2023 - sorted by status (last column), then alphabetical

Status Key:
Yellow: Clawback in Process (not yet due)Green: Metrics Achieved or Clawback Amount Received in FullWhite: In Post Performance Follow-Up Period

Grant% of target
Jobs
jobs
Capitaltargetattained as
investment
Actual capital% of target
for Perf. Actual jobs as of of Perf.
target for Perf. investment as of capex attained
Date
Perf. Date
Date
Date ($)
Perf. Date ($)
as of Perf. Date

Avg. annual
wage target for
Perf. Date ($)

Actual avg.
annual wage asof Perf. Date ($)

117%
157%
117%
109%
0%

68,11662,70039,24150,00034,00079,69364,24537,25050,272
0

117%
102%
95%
101%
0%

12/20/2017
9/21/2020
9/18/201911/22/2019
2/20/201912/31/2020
3/31/2023
12/31/2022
12/31/2022
12/31/2021

3/31/2022 COVID-19
None No extension
None No extension
None No extension
3/31/2023 COVID-19

None Underperformed; clawback of $105,000 received 7/6/22
None Metrics Achieved
None Full clawback of $780,000 received 9/28/23
None Underperformed; clawback of $22,500 received 6/28/23
3/31/2025 Full clawback of $75,000 received 12/5/23

9,728,415
0
0

95%
0%
0%

43,80655,41135,88346,303
0
0

106%
0%
0%

1/8/2019
12/1/201811/15/2018

3/31/2022
7/1/2021
3/31/2022

None No extension
None No extension
6/30/2023 COVID-19

None Metrics Achieved
None Full clawback of $200,000 received 2/12/21
6/30/2027 Full clawback of $100,000 received 10/10/23

35,000,000
9,618,912
2,144,582
10,000,000
9,214,000
2,181,000
8,500,000

22,745,850
03,022,534
12,310,000
9,710,492
2,049,040
3,076,911

65%
0%
141%
123%
105%
94%
36%

53,00051,011
29,40038,91743,000120,000
117,901

59,000036,80044,49845,866
165,017140,349

111%
0%
125%
114%
107%
138%
119%

11/1/2016
2/13/20193/13/2017
4/2/2018
3/1/2019
2/7/2020
12/1/2020

12/31/2019
6/30/2022
6/30/2020
9/1/2021
9/30/2021
12/31/2020
6/30/2023

None No extension
None No extension
None No extension
None No extension
12/31/2022 COVID-19
None No extension
None No extension

0%
0%
0%
72%
0%
0%
0%
0%
0%
0%
0%

42,000,000
5,041,462
1,500,000
12,302,000
3,408,541
6,200,000
25,000,000
28,460,000
12,441,743
8,000,000
7,800,000

00016,374,2300
Pending Receipt5

0%
0%
0%
133%
0%
0%
0%
0%
0%
0%
0%

51,00051,77150,00080,00032,05840,36373,269115,000
92,06855,00031,200000139,7150Pending Receipt5

0%
0%
0%
175%
0%
0%
0%
0%
0%
0%
0%

10/4/2017
1/4/2018
4/7/2017
9/18/2018
5/24/2019
9/3/2020
5/1/2021
7/31/2018
9/14/2020
9/18/2019
1/30/201912/31/2020
12/31/2020
6/1/2022
3/31/2023
7/31/2022
12/31/2023
12/31/2023
9/30/2023
12/31/2023
12/31/2023
6/30/2022

3/31/2022 COVID-19
None No extension
None No extension
None No extension
None No extension
None No extension
None No extension
None No extension
None No extension
None No extension
9/30/2023 COVID-19

None Underperformed; clawback of $29,313 received 12/18/20
None Full clawback of $250,000 received 1/23/23
None Metrics Achieved
None Metrics Achieved
None Metrics Achieved
None Underperformed; clawback of $6,250 received 9/22/21
None Underperformed; company received reduced payment of$75,250 on 10/17/23
None Full clawback of $350,000 received 10/1/22
12/31/2022 Full clawback of $105,000 received 3/22/21
6/1/2024 Full clawback of $90,000 received 11/10/21
None Underperformed; clawback of $70,000 received 9/27/23
None Full clawback of $100,000 received 6/8/23
None Post Performance FollowUp
None Post Performance FollowUp
None Post Performance FollowUp
None Post Performance FollowUp
None Post Performance FollowUp
None Post Performance FollowUp

0%
0%
0%
0%
0%
0%

4,450,000
48,705,264
11,800,000
20,100,000
5,873,008
6,023,000

Pending Receipt5

0%
0%
0%
0%
0%
0%

43,00040,97830,67047,90049,74584,096

Pending Receipt5

0%
0%
0%
0%
0%
0%

6/12/2017
2/2/2018
9/3/2020
3/7/2019
11/1/2021
1/13/2021

12/31/2021
3/31/2021
9/30/2022
6/30/2023
12/31/2023
12/31/2023

3/31/2023 COVID-19
6/30/2022 COVID-19
9/30/2023 COVID-19
None No extension
None No extension
None No extension

3/31/2025 Post Performance FollowUp
None Post Performance FollowUp
None Post Performance FollowUp
None Post Performance FollowUp
None Post Performance FollowUp
None Post Performance FollowUp

0%33,3000%

9/1/2021

12/31/2023

None No extension

None Post Performance FollowUp

Project
numberProject nameLocality

2017-138074
2018-140357
2019-141073
2019-140853
2018-139978

Powerschool
PPD
PRA Group
Preferred Freezer Services
Premier TechRoanoke City
HenricoDanville
Portsmouth
King and Queen

250,000
675,000
780,000
180,000
75,000

96
200
300
60
20

15
689
128
45
0

16%
345%
43%
75%
0%

1,785,000
63,700,000
10,858,219
60,000,000
1,840,000

2,085,235
100,104,643
12,735,888
65,308,169
02018-140329
2018-138460
2019-140511

125,000
200,000
100,000

42
58
35

42
0
0

100%
0%
0%

10,290,000
45,243,000
2,100,000

2016-136952
2019-140614
2017-137044
2018-138386
2018-140029
2017-137634
2020-141633

ScholleSmyth
Service Center Metals
Prince George
Smyth County Machine and Smyth
Fabrication
ST Tissue
Isle of Wight
Standard Calibrations
Chesapeake
SteelFab
Emporia
Sumitomo
Chesapeake
Tessy
Lynchburg
Thomson Reuters
Richmond City
Torc Robotics
Montgomery

167,500
250,000
50,000200,000
200,000
50,000800,000

50
89
18
26
34
68
350

58
0
18
26
35
51
49

116%
0%
100%
100%
103%
75%
14%

2017-138114
2018-138265
2016-137019
2017-137719
2019-140586
2019-140878
2021-141727
2018-138602
2020-141460
2018-138535
2019-140497

U.S. Foods
UnisonUniversal Companies
Willow Tree
Yak Attack
ABB
AMPAC
AppianASGN/Apex
Harlow Group
McAirlaid's

Prince William
Pittsylvania
Washington
Albemarle
Prince Edward
Bland
Petersburg
FairfaxHenricoDanvilleFranklin

350,000
105,000
90,000500,000
100,000
140,000
640,000
4,000,000
900,000
147,000
75,000

99
35
30
200
34
40
156
600
700
49
25

0
0
0
143
0
Pending Receipt5

2015-128619
2013-77009
2018-140222
2019-140675
2017-138107
2020-141665

OSG
Phoenix Packaging
Plasticap
Pratt
SchaeferRolls
Silent Falcon

GreensvillePulaskiRussell
Botetourt
Alleghany
Warren150,000
600,000
130,000
300,000
55,000161,482

55
145
48
50
31
249

Pending Receipt52021-141817

Tempur Production

Scott

TOTAL612amount ($)

2

110,000
52,621,538

5

Pending Receipt
5
Pending Receipt
5
Pending Receipt
Pending Receipt5
Pending Receipt55Pending Receipt
5
Pending Receipt
Pending Receipt5
Pending Receipt5
Pending Receipt5
25 Pending Receipt5
11,702
7,084

Initial Perf.
Date for
Extension% of target
meeting job, Granted avg. annualPerf.
investment, New Perf.
wage
Agreement and wage
Date (ifattainedDatetargets
applicable)

0%

16,700,000

61%

1,911,262,742

5

Pending Receipt
5
Pending Receipt
5
Pending Receipt
Pending Receipt5
Pending Receipt55Pending Receipt
5
Pending Receipt
Pending Receipt5
Pending Receipt5
Pending Receipt55Pending Receipt
1,959,967,809

5Pending Receipt
5
Pending Receipt
5
Pending Receipt
Pending Receipt5
Pending Receipt55Pending Receipt
5
Pending Receipt
Pending Receipt5
Pending Receipt5
Pending Receipt55Pending Receipt

Reason for
Extension

34

Subsequent
Perf. Date (ifapplicable)

Status103%

Excludes projects approved by the Governor for which funds were never disbursed due to cancellation.
Reflects grant amount approved by the Governor; the actual final grant amount received is the amount approved less any clawback received.

3

No formal verification procedures were in place prior to 04/01/17. Projects with final performance dates on or after 04/01/17 have been verified through VEC data and with local Commissioners of the Revenue. Exceptions include those projects referred to the Attorney General's Office and those for which full clawbacks were received (no verification required as no jobs or investment
were created) and those which are currently within post performance follow-up period.
4
Effective 04/05/17, extensions require formal approval of first extension by VEDP Board and formal approval of second extension by VEDP Board and the Major Employment and Investment (MEI) Commission; mid-2016 until 04/05/17, extensions required approval of VEDP's Project Review and Credit Committee.
5
6

Awaiting final reporting for those projects within post performance followup.
Excludes jobs and capital investment for projects for which final report has not yet been submitted.

2