City of Alexandria, Virginia
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MEMORANDUM
DATE: SEPTEMBER 7, 2016
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: MARK B. JINKS, CITY MANAGER /s/
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Consideration of Acceptance and Allocation of $250,000 from the Governor's Agriculture and Forestry Industries Development Fund.
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ISSUE: Consideration of acceptance and allocation of $250,000 from the Governor's Agriculture and Forestry Industries Development (AFID) Fund to support an economic development incentive grant to Port City Brewing Company.
RECOMMENDATION: That City Council authorize the City Manager to:
1. Accept a $250,000 grant from the AFID Fund that will be transferred to AEDP and then to the Port City Brewing Company (PCBC), subject to the terms and conditions of the Performance Agreement among the City of Alexandria, the AEDP, and PCBC.
2. Allocate the $77,500 in City economic development incentive monies set aside as part of the FY 2017 budget process as to the City's share of the AFID matching grant requirements1.
3. Execute a Performance Agreement among the City of Alexandria, AEDP, and PCBC that outlines the disbursement and management terms and conditions of the AFID grant and the City/AEDP grant.
BACKGROUND: Founded in January 2011, Port City Brewing Company is an award-winning leader of Virginia's rapidly expanding craft brewing market. The company brews 14,000 barrels of beer annually and distributes along the East Coast from North Carolina to Connecticut, currently employing 37 people. PCBC also serves as a valuable brand ambassador for the City of Alexandria. The tasting room adjacent to the production facility has become a destination attracting 78,000 annual visitors.
To meet ever increasing consumer demand PCBC is poised to execute a multi-year, multi-million dollar facility and capacity expansion in Alexandria. This growth requires significant capital i...
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