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A N N U a L R E P O ANNUAL REPORT Message from the Mayor Inside I am happy to present our annual report of Chesapeake’s achievements and successes. 3 Community Overview Despite challenging economic times, Chesapeake had a six percent increase in business investment with more than $143 4 Business Overview million and 667 new jobs created in 2010. Of special note, 33 existing companies renewed their office leases, choosing to keep their businesses and 1,846 jobs in Chesapeake. 6 Small Business 2011 has also started off on a positive note as Northrop Grumman — America’s largest 7 Business Districts shipbuilder — and the Spanish-headquartered Gamesa Corporation — the world’s third largest wind developer — decided to make Chesapeake the home of their new Offshore 12 Retail Wind Technology Center. With this announcement and other foreign investment, Chesapeake remains No. 1 in the Hampton Roads region with the largest concentration of 13 Workforce international firms. 14 Transportation But big business isn’t the only thing that gets our attention in Chesapeake. We believe that doing business in our city shouldn’t be a chore, and that it’s our job to turn 15 Port & Airport stumbling blocks into stepping stones that will lead to a bright future for those just starting 16 Technology out and those seeking to grow. Among other things, we’re moving as rapidly as possible to use the internet to make it easier to do business in Chesapeake, and we are hopeful that 17 Green Initiatives legislation working its way through the General Assembly will make it possible for new businesses to get a two-year break on BPOL taxes. 18 Education We’ve also been paying attention to Chesapeake’s bottom line. For my part, I am convinced 19 Multifamily that our city’s sense of what economic integrity really means has led to Chesapeake receiving a AAA Fitch rating for sound financial management. 20 Hospitality But good credit ratings are not the only things that matter in Chesapeake. 22 Public Safety Money Magazine ranks our city as one of the “Top 100 Best Places to Live,” while Parenting Magazine ranks us as a “Best Place to Raise a Family.” 23 Lifestyle In short, Chesapeake is a city at the forefront, on the move and open for business. For those who already live and work in Chesapeake, I thank you for your confidence. And for those who are considering opportunities to grow and prosper in Chesapeake, I have two words: join us. Sincerely, Alan P. Krasnoff, Mayor PRODUCTION EDITORIAL ASSISTANT PHOTOS COURTESY OF: COORDINATION Nora Firestone CB Richard Ellis City of Chesapeake 757.496.2527 City of Chesapeake, VA Chesapeake Companies Economic Development Dept. Chesapeake Retailers Chesapeake City Council (from left) Lonnie E. 757.382.8040 GRAPHIC DESIGN Craig, C. E. “Cliff” Hayes, Jr., Vice Mayor Figg Group www.chesapeakeva.biz Pico Design & Illustration Hampton Roads Chamber of John M. deTriquet, Suzy H. Kelly, Mayor Alan P. www.picodesign.net Commerce Krasnoff, S.Z. “Debbie” Ritter, Scott W. Matheson, Public Communications Dept. 757.493.0370 Hampton Roads Economic Richard W. “Rick” West, and Dr. Ella Ward 757.382.6241 Development Alliance www.cityofchesapeake.net DIRECTOR OF SALES HH Gregg Simon Property Group Bill Blake Tapestry Apartments ASSOCIATE PUBLISHER 757.222.3165 The Dragas Companies Mike Herron Tidewater Builders Association Inside Business ADVERTISING SALES Tidewater Community College 757.222.3991 Robin Simmons Walmart, Inc. John Kinsley Inside Business SPECIAL PUBLISHING 150 W. Brambleton Ave. MANAGER BUSINESS MANAGER Norfolk, VA 23510 Olga Currie Debbi Wilson 757.222.5353 Community Overview Chesapeake: Virginia’s third largest city (by population) 2010 was a year of coming together for those who call Chesapeake home. Whether it was joining forces to restore a local landmark, Fun Forest, damaged by fire, or standing up to be counted for the Census, or in hundreds of other ways, large and small, Chesapeake busi- nesses and residents made a difference. The City continued to face challenges from the nation’s weakened economy, forcing the organization to become leaner and more effi- cient. But even with the economic pressure, the City still achieved a first-ever milestone when Fitch rating service elevated Chesapeake to an AAA rating. This endorsement of the City’s sound financial management brings not only pride, but significant advantages in terms of future bond issuances. Money Magazine ranked Chesapeake in the top 100 “Best Places to Live” in 2010. Parenting Magazine ranked Chesapeake 45th on its list of “Best Places to Raise a Family,” calling the city “an outdoor lover’s paradise.” Chesapeake continued to shine on the Being in the heart of Hampton Roads section of Portsmouth. And further along the national stage, as well, being named one makes Chesapeake residents keenly Elizabeth River, replacement of the aging of the “Best Places to Live,” by Money aware of the transportation challenges Gilmerton Bridge is underway in a project Magazine. Parenting Magazine also the region faces. In 2010, not one but managed by the Virginia Department of included Chesapeake on its list of two significant projects got under- Transportation (VDOT). These two high profile “Best Places to Raise a Family.” Both way that will change the face of local projects are among dozens of others taking awards highlight what Chesapeake commuting for decades to come. place in the City, all to help meet the needs of residents already know: that their city, The new South Norfolk Jordan Chesapeake’s growing population. with its many business, educational, cul- Bridge, a privately-developed project, is Chesapeake continues to move forward tural, and recreational opportunities, is truly a set to open in 2012 with a fixed span and face new challenges ahead with an eye great place to live, work and raise a family. reconnecting South Norfolk and the Craddock focused on future growth and a bright future. U.S. Census 2010 More than $400 billion per year in federal and state funding is allocated to states and communities based, in part, on census Chesapeake Mayor Alan data. Chesapeake has long recognized the importance of Krasnoff provided remarks at the Jan. 6, 2010 ribbon partnering with the U.S. Census Bureau to ensure the most cutting ceremony for the accurate and complete counts of our population. According to US Census Bureau Chesa- the City’s Planning Department, Chesapeake ranked in the top peake Regional Office. For 20 nationally for cities of 100,000 or more citizens, with a final six months, this 6,600 sq. mail participation rate of 80%. Stay tuned for more information ft. operation supported the 2010 census count in 11 at www.cityofchesapeake.net as the City’s Planning Department continues to work counties and created 20 closely with the Census Bureau to disseminate the 2010 Census data once released new administrative and beginning in 2011. managerial positions. 3 Business Overview Chesapeake: Staying the economic course hesapeake continues to stay the course during the nation’s economic chal- C lenges and in 2010 realized over $143 million in business investment and 667 new jobs, as reported by the City’s Economic Development Department. This investment figure represents a six percent increase over last year. New company investment led the way with more than $81 million followed by existing company investment with $62 million. The ma- jority of economic development activity was concentrated in the professional business serv- ices/technology, knowledge-based and retail industry sectors. Of special note, thirty-three (33) existing Monarch Bank expanded and relocated from Greenbrier Business Park into its new corporate offices Chesapeake companies renewed their office off Crossways Boulevard. The bank purchased and renovated the former Armada Hoffler headquar- leases, valued over $36 million, choosing to stay ters facility for a total investment of $5.2 million — returning the building to its Class A status. and save 1,846 jobs. Cegedim Dendrite, Harris Connect and Chubb Insurance — to name a few – crease up to 80 by year’s end. and Cinemark announced plans to re-invest in kept our local economy moving forward. On the domestic front, Monarch Bank Chesapeake Square Mall and open a new With the largest concentration of interna- expanded and chose Chesapeake for its new 40,000 sq. ft. cinema in late 2012. Walmart is tional companies in the region, Chesapeake also 52,000 sq. ft. corporate offices making a $5.2 mil- bringing its fourth store to Chesapeake with a continued to attract foreign investment with lion investment and retaining 62 jobs. Prism new Supercenter coming to the Edinburgh area five companies establishing or expanding their Maritime, LLC, which appeared on the 2010 in the second half of 2011. presence. A new country was added to our Hampton Roads Chamber’s “Top 10 to Watch” Other noteworthy highlights included global roster with the announcement of list, brought 100 jobs to Chesapeake. additional high tech job creation led by Spanish-headquartered Gamesa Corpo- Retail investment had a strong show- Canon Information Technology Services (172 ration’s new 25,624 sq. ft. offshore wind tech- ing in 2010 with the city realizing more than jobs), Gryphon Technologies (139 jobs), Scien- nology center. A team of 50 engineers will work $54 million in new investment and 712 retail tific Research Corporation (82 jobs) and out of the Chesapeake office with plans to in- service jobs created. Simon Property Group WebTeks (20 jobs). Development More than $143 million in business investment and Highlights 667 new jobs were generated in 2010. Company/ Investment Organization New Cinemark Movie Theater.........$13.7 million Walmart @ Edinburgh ........................$ 9.3 million Burlington Coat Factory .....................$ 6.7 million Monarch Bank Corporate HQ .........$ 5.2 million Strayer University..................................$ 3.1 million At the May 2010 Chesapeake Business Appreciation Event, T-Solutions Inc., was named the City’s Business of the Year.
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