HomeMy Public PortalAbout2014_08_12_R090 Authorizing the Governor's Dev Opp Fund Grant Perf Agreement The Town of
Leesburg,
Virginia
PRESENTED August 12, 2014
RESOLUTION NO. 2014-090 ADOPTED August 12, 2014
A RESOLUTION: AUTHORIZING THE MAYOR OR TOWN MANAGER TO EXECUTE
THE GOVERNOR'S DEVELOPMENT OPPORTUNITY FUND GRANT
(GOF) PERFORMANCE AGREEMENT
WHEREAS, Code of Virginia of 1950, as amended, § 2.2-115 entitled, "Governor's
Development Opportunity Fund" ("GOF") authorizes the Governor to use funds from the
Governor's Development Opportunity Fund to attract economic development prospects and secure
the expansion of existing industry in the Commonwealth; and
WHEREAS, an existing business operating within the Town(the"Company") indicated that
the Town is one of three (3) localities where the Company is considering expanding its business by
building its corporate headquarters and adding new jobs;
WHEREAS, in order to induce the Company into remaining in the Town and building its
corporate headquarters in the Town, the Governor has selected the Company to receive GOF funds;
and
WHEREAS, a GOF award requires matching funds from the localities which seek to benefit
from the GOF funds; and
WHEREAS, the County of Loudoun, the Economic Development Authority of Loudoun
County, and the Town wish to provide these matching funds and incentives to the Company to
induce the Company to expand within the Town; and
WHEREAS,the Virginia State Code requires that a Governor's Development Opportunity
Fund Grant Performance Agreement ("Agreement")be executed by the parties in order for the
Company to obtain the GOF funds,the County incentives and the Town incentives; and
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A RESOLUTION: AUTHORIZING THE MAYOR OR TOWN MANAGER TO EXECUTE
THE GOVERNOR'S DEVELOPMENT OPPORTUNITY FUND GRANT
(GOF) PERFORMANCE AGREEMENT
WHEREAS,the parties to the Agreement are the Town of Leesburg,the County of
Loudoun,the Economic Development Authority of Loudoun and the Company; and
WHEREAS,the terms of the Agreement provide that the County will commit to a cash grant
to the Company in the amount of$340,000 and to grant permit and fee waivers in the amount of
$110,000; and
WHEREAS,the terms of the Agreement provide that the Town will commit to matching
funds in the amount of$150,000 towards a Virginia Department of Transportation("VDOT")
Economic Development Access Program("EDAP") award (to be used towards the construction of a
portion of Hope Parkway) and to grant permit and fee waivers in the amount of$77,000; and
WHEREAS, the Agreement contains certain"clawback"provisions whereby if the
Company does not locate within the Town,the Agreement is terminated and if the Company does
not meet certain targets (capital investment and the addition of new jobs), a certain percentage of
the funds and incentives must be repaid; and
WHEREAS,the Town Attorney has reviewed all drafts of the Agreement; and
WHEREAS,providing the funds and incentives contained within the Agreement to the
Company to expand its corporate headquarters in the Town will result in substantial economic
benefits to the Town and its residents.
THEREFORE, RESOLVED, by the Council of the Town of Leesburg in Virginia that the
Mayor or Town Manager is authorized to execute the Governor's Development Opportunity Fund
Grant Performance Agreement so long as the final draft has been approved by the Town Attorney.
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A RESOLUTION: AUTHORIZING THE MAYOR OR TOWN MANAGER TO EXECUTE
THE GOVERNOR'S DEVELOPMENT OPPORTUNITY FUND GRANT
(GOF) PERFORMANCE AGREEMENT
PASSED this 12th day of August,2014.
4,10Z.,-7„ ,
s en C. mstattd, Mayor
Town of Leesburg
A T _:
hO
Clerk of Co .'ice
P:\Resolutions\2014\0812 Approving the Governor's Development Opportunity Fund Grant Agreement.doc