Advanced Production Grant Program and Fund; created.

Advanced Production Grant Program and Fund. Creates the Advanced Production Grant Program and Fund to make grant payments to an eligible business transportation manufacturer and producer that engages in the production of business trucks and that makes a capital investment of at least $58 million at a facility in Pittsylvania County and creates at least 703 new full-time jobs at the facility. The eligible company would be eligible for an aggregate of $7 million in grants paid out over a five-year period if it meets such performance parameters and complies with the terms of a memorandum of understanding agreed upon by the qualified company, the Commonwealth, and the Virginia Economic Development Authority. This bill is identical to SB 1014.