BRISTOL, Va. – The Bristol Virginia Utilities board of directors on Monday ratified its part of an agreement for Alpha Natural Resources.
BVU will give the coal company $1.9 million over a 10-year period in exchange for Alpha building its new corporate headquarters in the city, near Sugar Hollow Park.
Last week, Virginia Gov. Tim Kaine announced $4.4 million in state aid to keep the company in the state. Alpha is currently based in Abingdon, Va., but was looking to expand following a mid-year merger with Foundation Coal of Maryland.
The city beat out Washington County, Va., Tennessee and Maryland for the office, which is expected to employ about 200 – including 69 new jobs.
“This is a golden opportunity for the city,” Mayor and BVU board member Jim Rector said after the meeting.
The City Council already has approved $1.1 million in incentives and an agreement to donate land for the $20 million building.
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