NORFOLK, Va. (AP) - Norfolk Southern says it plans to pay about $2.4 million to Virginia and the city of Norfolk for breaking its promise to stay headquartered in the city until 2026.
The Virginian-Pilot reports the company ended talks to repay Virginia incentives Wednesday, just over a week after the company announced it was moving its headquarters to Atlanta.
Virginia offered the company $1.9 million in 2016 when the company promised to keep its Norfolk headquarters for at least 10 more years. The city offered the company discounted parking, which was expected to save the company more than $2 million through 2026.
Company spokesman Tom Werner says the entire state grant will be returned by Dec. 31 and the city will be paid about $580,000 to account for parking costs saved so far.
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Information from: The Virginian-Pilot, http://pilotonline.com
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