The $100 million Rolls-Royce jet engine facility in Prince George County Virginia was awarded the 2008 Economic Development Deal of the Year Award by Business Facilities magazine.
From Business Facilities:
“Our judging panel was particularly impressed with the creativity displayed by Virginia in crafting an incentive package for Rolls-Royce. Included in the package are $35 million in performance grants; $56.8 million in cash payments that are partly dependent on employment and investment targets over the next 16 years; $6 million from the Governor’s Opportunity Fund to meet future infrastructure needs; a $5 million grant for the development of spin-off companies; a five-year tax break on machinery taxes, tool taxes, and the company’s business license; a 50% discount for connecting utilities; and the waiving of rezoning costs also are part of the deal.”
Once again, Virginia proves that it is the #1 State to do Business. Rolls-Royce considered over 30 international locations for this project and Virginia won with the best combination of incentives, labor force, and access to higher education. Over the next 10 years, the project will contribute almost $2 billion to the state economy and create 3,000 jobs. The Rolls-Royce facility not only substantiates Virginia as a global high end manufacturing location, but also validates the Greater Richmond Area as the hub of Virginia.
Leave a comment