Albemarle County approves performance agreement for Project Packet
The Albemarle County Board of Supervisors and the Economic Development Authority approved two performance agreements for the relocation and expansion of Project Packet, or Bonumose, Inc., in the Pantops area of Albemarle County.
These performance agreements will provide up to $300,800 to Bonumose over the next three years, based on targets. Bonumose recently announced that it will partner with Hershey to research and develop reduced or zero sugar chocolate products. The company will invest $27.7 million to expand in Albemarle County.
Bonumose will move into 36,000 square feet of the former State Farm building to expand production capabilities and relocate its existing research and development lab from North Fork—a University of Virginia Discovery Park. The expansion will create 64 new jobs.
“The Board of Supervisors are eager to support this project and to bring new life to a large commercial property in the Pantops neighborhood of Albemarle County,” said Albemarle County Board of Supervisors Chair Ned Gallaway. “This project will create quality new jobs, and the continued use of this property reinforces the vibrancy of the whole area. We are proud to continue to be home to the research and development company Bonumose.”
“The Economic Development Authority is proud to provide support for Project Packet, as it achieves many of the goals established in our economic development strategic plan, Project ENABLE – Bonumose is an existing business that is growing, and because of this support, will do so right here in Albemarle County,” said Don Long, chair of the Economic Development Authority. “This project brings private investment, leverages state funding, and brings new, high-quality jobs to Albemarle County.”
Albemarle County will contribute $256,000 as a match for the Commonwealth Development Opportunity Fund grant and $700 per new job, up to $44,800, as a match for the Virginia Jobs Investment Program grant.
Local funding will come from the Economic Development Investment Pool.