NORFOLK, Va. (AP) - The Norfolk city council has agreed to spend $5 million to entice a Fortune 500 company to bring an expected 2,000 jobs downtown.
The Virginian-Pilot (https://bit.ly/1mrT7Gz ) reports the council agreed in a unanimous decision Tuesday to pay payroll processing giant Automatic Data Processing.
ADP is expected to move to a building in downtown Norfolk as part of a project planned by developer Buddy Gadams.
Norfolk will gradually pay $5 million to the company. The amount to be paid each year will be based on the company’s revenue from its operations in Norfolk and any increase in the property value.
Downtown Norfolk Council President Mary Miller says new jobs can help diversify the city’s economy.
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Information from: The Virginian-Pilot, https://pilotonline.com
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