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Virginia Politics
Posted at 11:35 AM ET, 06/27/2012

Va. beats out Tex. for $150 million Capital One project

Capital One Financial Corp. will create a $150 million data center in Virginia, which beat out Texas for the project, Gov. Robert F. McDonnell announced Wednesday.


(Mark Lennihan - AP)
The data center, to be built in Chesterfield County, will create at least 50 jobs, McDonnell said.

Capital One, founded and headquartered in McLean, Va., is the country's sixth-largest bank based on deposits, employing more than 14,000 in Virginia. It is the ninth-largest private sector employer in the commonwealth and the largest bank headquartered in Virginia.

McDonnell, who approved a $500,000 grant from the Governor's Opportunity Fund for the project, called the data center a “tremendous investment.”

The company also will be eligible for a sales tax exemption on certain computer equipment under legislation the General Assembly passed in 2009. Through its Virginia Jobs Investment Program, the Virginia Department of Business Assistance will provide funding and services to support the company’s recruitment, training and retraining activities.

“Cutting-edge information technology is now a priority for all companies in the domestic and global marketplace,” said Jim Cheng, Virginia’s secretary of commerce and trade. “Capital One’s new data center in Chesterfield County will give the company a competitive edge as it continues to expand. Winning this project was a priority, and we are thrilled to gain an investment of this magnitude and 50 new jobs.”

  Said Rob Alexander, Capital One’s chief information officer: “With the new Chesterfield data center as a key element of the company’s simplified and automated infrastructure, we are proud to continue our strong relationship with Virginia and expand our workforce here.”

By  |  11:35 AM ET, 06/27/2012

 
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