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Second prospect offered incentives / May 18, 2020
Along with “Project Phoenix,” Halifax County is courting a second economic development prospect — code named “Project Select.”

While the company has not been identified, on Friday the Halifax County Board of Supervisors agreed to borrow up to $6.5 million and allocate $125,000 to the Industrial Development Authority to support the project.

Halifax County will apply to the Virginia Tobacco Region Revitalization Commission for an additional $175,000 grant as incentive for the company to locate or expand its operations here.

The agreements approved Friday by the Board of Supervisors and IDA make no mention of performance targets for Project Select, such as a number of jobs created or total investment envisioned. Supervisors and IDA board members met in closed session Friday to review a set of performance agreements with the company that will be shared with the tobacco commission and the Virginia Economic Development Partnership.

The agreements are exempt from public disclosure under the Virginia Freedom of Information Act.

The IDA, which will take out the commercial loan to support the venture, in an amount up to $6.5 million, will secure the debt with a first lien deed of trust on the property which will house the company. Supervisors agreed to a moral obligation clause to pay off the loan in the event of default, although the building would first revert to the IDA, which could market it to future prospects.

While the county is preparing a grant application to the tobacco commission, the deadline for requests to the Southern Virginia Economic Development Committee is not until July 16.

The Board of Supervisors vote to adopt the Project Select agreements was unanimous, with ED-7 supervisor Garland Ricketts abstaining on the matter.

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