An expansion at a Virginia rigid packaging company is attracting federal tax credits to help with the near $50 million project.
TD Community Development Corp. said Dec. 18 Phoenix Packaging Operations LLC's previously announced expansion of its Dublin, Va., operations will receive $15 million in federal New Markets Tax Credits.
The tax credits are designed to help provide an economic boost to needed communities.
Dublin, TDCDC said, "once a booming location for the coal mining industry, now suffers from high unemployment and economic distress."
But Phoenix Packaging, a unit of Grupo Phoenix of Bogota, Colombia., announced $48.7 million expansion plans in 2017, a move that will create 145 new jobs. It's the company's third expansion in Dublin.
Phoenix will invest in machinery, equipment and training for employees in the expansion, and will introduce more "environmentally friendly" polypropylene K-Cup coffee pods, the development group said.
"Leveraging the NMTC funding provided by TDCDC, Phoenix Packaging is making a long-term investment in Pulaski County and its workforce by modifying its existing manufacturing plant and building a 250,000-square-foot expansion. The company also will invest in machinery, equipment, and training and development programs," the development corporation said.
TDCDC is a unit of TD Bank N.A.