Status report on Custom Grants projects - Inception through present 1
Important note: Additional requirements for Custom Performance Grant outlined in individual MOUs.
As of December 31, 2023 - sorted by time remaining until performance date

Project Number Company Name
Locality
34-15515
Rolls-Royce
Prince George

Grant Amount Grant Amount MOU Execution($)
Paid to Date2
Date
35,000,000
11,000,000
11/20/2007

PerformanceDate
12/31/2023

Capital% of Job
Job Creation as Creation Target
Investment as ofof Most Recent
Most Recent
as of Most
CapitalPaymentPayment
Job Creation
Recent Payment Investment Target
4
TargetApplication
Application($)
Application ($)4642
391
61%
501,400,000
273,000,000% of Capital
Investment
Target as of
Most Recent Average Annual
Wage Target
Payment
Application($)4
Status54%
40,000 Completed

2018-140398

Merck & Co.,Inc.

Rockingham

7,500,000

5,000,000

8/20/20192/28/2025

152373245%

1,000,000,000

843,185,53484%

2017-137665

Amazon Web
Services, Inc.

Fairfax County

10,500,000

10,500,000

7/1/2018

12/31/2025

1,500

1,682

112%

84,000,000

113,263,668

135%

2020-141161

MicrosoftCorporation

Fairfax County

22,500,000

11,250,000

8/1/2020

12/31/2025

1,500892

59%

64,000,000

136,289,378

213%

2021-141926

Blue Star

Wythe

8,500,000

06/1/2022

12/31/2026

2,464

TBD

N/A

714,100,000

TBD

N/A

2016-133016

HuntingtonIngalls

Newport News

46,000,000

38,000,000

8/15/201612/31/2026

1,120

1,120

100%

750,000,000

1,631,700,000

218%

50,289 Within
Performance
PeriodAward consists of two separate grants of which thecompany has satisfactorily met the requirements of one.
Further, the company must file a final report in 2025 andin 2027 for each grant respectively and may be subject
to clawback in the case of underperformance.

2019-141041

Morgan Olson,LLC

Pittsylvania

7,000,000

500,000

6/30/2020

12/31/2027

703

384

55%

57,837,356

53,233,007

92%

34,274 Within
Performance
PeriodPayments of the grant are made after new job andcapital investment milestones have been met and are,therefore, not subject to clawback.

2019-140584

Volvo Trucks
North America

Pulaski

16,500,000

4,000,000

8/1/2020

9/30/2029

777

111

14%

397,000,000

134,604,170

34%

51,624 Completed

Payments of the $12.5 million grant related to job
creation are made after new job milestones have beenmet, and are, therefore, not subject to clawback.
Payment of $4.0 million grant related to capital
investment is not subject to clawback as capital
investment has been achieved. The Company notified
VEDP that it would be unable to meet the job creation
component of the MOU and the MOU was terminated.

2021-141906

CMA CGM

Norfolk

9,042,875

0

8/1/2021

9/30/2030

415

295

71%

36,000,000

4,570,39913%

2021-141926

CoStarRichmond City

15,000,000

0

TBD3

12/31/2031

1,984

TBD

N/A

460,500,000

TBD

N/A

113,636 Within
Performance
Period
85,604 MOU Not Yet
Executed

2018-138527

MicronManassas
Technology, Inc.

70,000,000

70,000,000

8/1/2018

6/30/2033

1,106

415

38%

2,980,000,000

2,089,437,319

70%

Payments of the grant are made after new job andcapital investment milestones have been met and are,therefore, not subject to clawback.
$15.0 million grant will be paid upfront to the City ofRichmond for pedestrian improvements. The contract
will have a maximum annual repayment schedule forunderperformance.
Company has received the full grant but has secured any
potential repayment through a cash escrow. The
contract has a maximum annual repayment schedule forunderperformance.

1

100,000 Within
Performance
Period90,000 CompletedComments
Payments of the grant are made after new job andcapital investment milestones have been met and are,therefore, not subject to clawback. The Company
notified VEDP that it is closing operations in Prince
George and the MOU has been terminated.
Payments of the grant are made after new job andcapital investment milestones have been met and are,therefore, not subject to clawback.
Payments of the grant are made after new job andcapital investment milestones have been met and are,therefore, not subject to clawback.
Payments of the grant are made after new job andcapital investment milestones have been met and are,therefore, not subject to clawback.
$8.5 million grant will be paid upfront to Wythe County
for public water and sewer infrastructure improvements.
The contract will have a maximum annual repayment
schedule for underperformance.

112,215 Within
Performance
Period42,671 Within
Performance
Period92,000 Within
Performance
PeriodStatus report on Custom Grants projects - Inception through present 1
Important note: Additional requirements for Custom Performance Grant outlined in individual MOUs.
As of December 31, 2023 - sorted by time remaining until performance date

Project Number Company NameLocality
2022-142431
LEGO
Chesterfield

Grant Amount Grant Amount MOU Execution($)
Paid to Date2
Date
75,000,000
17,326,820
6/1/2022

PerformanceDate
12/31/2035

Capital% of Job
Job Creation as Creation Target
Investment as ofof Most Recent
Most Recent
as of Most
CapitalPaymentPayment
Job Creation
Recent Payment Investment Target
4TargetApplication
Application($)
Application ($)41,761
TBD
N/A
1,043,000,000
TBD% of Capital
Investment
Target as of
Most Recent Average Annual
Wage Target
PaymentApplication($)4
Status
N/A
64,257 Within
Performance
PeriodComments
Grant consists of $56.0 million custom grant and $19.0
million grant paid upfront to Chesterfield County for
infrastructure improvements. The contract will have amaximum annual repayment schedule forunderperformance related to the infrastructure grant;
otherwise, payments of the grant are made after new
job and capital investment milestones have been metand are, therefore, not subject to clawback.

2019-140933

Siemens
GamesaPortsmouth17,100,000

010/22/2021

9/30/2036

310

TBD

N/A

83,638,400

TBD

N/A

63,091 Within
Performance
Period

$17.0 million grant paid upfront to the Virginia PortAuthority from bond proceeds to be used for site
improvements at the Portsmouth Marine Terminal. The
contract will have a maximum annual repayment
schedule for underperformance.

2018-138510

Amazon.com,Inc.

Arlington

550,000,000

011/12/2018

12/31/2038

25,0006,939

28%2,000,000,000

598,946,080

N/A

150,000 Within
Performance
PeriodPayments of the grant are made after new job andcapital investment milestones have been met and are,therefore, not subject to clawback.

2021-142060

Rocket Lab USA Accomack

15,000,000

08/15/2023

6/30/2040

246

TBD

N/A

103,000,000

TBD

N/A

95,822 Within
Performance
Period

$15.0 million grant will be paid upfront to the Virginia
Spaceflight Authority for the infrastructure
improvements and construction of the facility. The
contract will have a maximum annual repayment
schedule for underperformance.

2022-142442

Amazon Web
Services, Inc.

140,000,000

0TBD3

12/31/2040

1,500

TBD

N/A

50,000,000,000

TBD

N/A

122,300 MOU Not Yet
ExecutedPayments of the grant are made after new job andcapital investment milestones have been met and are,therefore, not subject to clawback.

1,044,642,875

167,576,820

41,18012,60231%

60,274,475,756

5,878,229,555

10%

TOTAL

Multiple

1Reflects latest data received from the company; TBD means the company has not yet filed its first payment application; thus, performance has not yet been verified.
Denotes how much of the grant has actually been paid out to the company.
Project has been announced but the performance agreement has not yet been signed.
4Job creation and wages are verified with the Virginia Employment Commission and capital investment is verified through the local Commissioner of the Revenue.
23KEY - CUSTOM GRANT LEGISLATIVE NAMES BY PROJECT
Amazon.com, Inc. = Major Headquarters Program
Amazon Web Services, Inc.(2017-137665) = Special Workforce Grant
Amazon Web Services, Inc. (2022-142442) = Cloud Computing Cluster Infrastructure Grant
Blue Star = Nitrile Glove Manufacturing Training Program
CMA CGM = Shipping and Logistics Headquarters Grant Program
CoStar = Property Analytics Firm Grant Program
Huntington-Ingalls = Advanced Shipbuilding Production Facility Grant Program
LEGO = Precision Plastic Manufacturing Grant Program
Merck & Co., Inc. = Pharmaceutical Manufacturing Grant
Micron Technology, Inc. = Semiconductor Manufacturing Grant Program
Microsoft Corporation = Technology Development Grant Program
Morgan Olson, LLC = Advanced Production Grant Program
Rocket Lab USA = Space Flight Operations Facilitation Program
Rolls-Royce = Aerospace Engine Manufacturing Performance Grant Program
Siemens Gamesa = Offshore Wind Component Grant Program
Volvo Trucks North America = Truck Manufacturing Grant Program2