Aerospace Engine Manufacturing Performance Grant
Performance grant tailored to aerospace engine manufacturers.Discretionary , VEDP
The goal of awarding the Aerospace Engine Manufacturing Performance Grant Program (AEMPG) is to incentivize an aerospace engine manufacturer to locate in the Commonwealth. This tailored performance-based grant is available to a qualified aerospace engine manufacturer that meets or exceeds requirements specified in the governing statute. The program is made up of five distinct grants.
The incentive is paid after an approved performance agreement between the Commonwealth and company has been signed, and performance milestones have been achieved. The performance period is unique to each project and specified in the performance agreement; milestones reflect latest information received from company in the specified fiscal year.
There is a single project that has been incented under the Aerospace Engine Manufacturing Grant Program. The project was awarded in FY2007 under a target completion date of FY2023. A total of $50,683,000 of incentives were awarded under the program in FY2007.
The average wage requirement for the program is greater than or equal to the prevailing average wage in the locality (Prince George County).
The latest milestone data document cumulative capital investment of $195,067,576. The goal investment through this period was $235,000,000, with total investment of $501,300,000 at project completion.
The latest milestone data document 240 cumulative jobs created. The goal job creation through this period was 378, with total job creation of 642 at project completion.