Title
Resolution to Approve the Governor's Agriculture & Forestry Industries Development Fund Grant and Performance Agreement Among the Virginia Department of Agriculture and Consumer Services; the City of Hampton, Virginia; the Economic Development Authority of the City of Hampton, Virginia; and L.D. Amory and Company Incorporated and any Related Documents and to Amend the City Council Approved Fiscal Year 2025 Budget to Appropriate the Governor’s Agriculture & Forestry Industries Development Fund - Blue Catfish Processing, Flash Freezing, and Infrastructure Grant Program Award for the L.D. Amory and Company Incorporated’s Project to Increase Processing Capacity at its Facility in the City of Hampton
Purpose
PURPOSE/BACKGROUND:
See Discussion.
Discussion:
Economic Development staff has worked very closely with L.D. Amory and Company Incorporated (the “Company”) to apply for and receive a grant from the state under the from the Governor’s Agriculture & Forestry Industries Development Fund (AFID) - Blue Catfish Processing, Flash Freezing, and Infrastructure Grant Program (the “Blue Catfish Grant”). The grant funds will support the Company’s implementation of a modern quick freezer and essential packing equipment that will allow the Company to increase processing capacity at its facility located in the City of Hampton. The award from the state AFID grant Fund to the City is $247,038.00, and the Economic Development Authority of the City of Hampton, Virginia (the “Hampton EDA”) will serve as a pass-through to the Company. The Hampton EDA will be responsible for administering the grant and monitoring the Company’s performance as defined under the Grant and Performance Agreement.
The project will entail a capital expenditure of approximately $244,038.00 to be invested in machinery and equipment and approximately $3,000.00 to be invested in training and operations. In addition, the project is anticipated to create a minimum of 8 new full-time jobs and t...
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