Micron Technology, Inc. is set to receive a repackaged economic development incentive package from the state of Virginia to support its expansion in Manassas. The package, which was approved by a General Assembly oversight commission, includes approximately $46 million in unspent financial incentives from a previous agreement with Micron in 2018. The new package, similar in size to the current incentive deal, will primarily rely on state funds that are already in escrow but have not yet been spent. The goal of the incentives is to bring a new line of semiconductor chip manufacturing from Taiwan to Micron's production plant in Manassas. The company has exceeded performance targets for capital investment and payroll, but has fallen short in creating new jobs. Micron attributes this job shortfall to the impact of the COVID-19 pandemic on global manufacturing supply chains. As part of its expansion plans, Micron has submitted an application for federal grants under the CHIPS + Science Act to expand and modernize production of DRAM computer chips at the Manassas plant. The proposed expansion would not only enhance the plant's manufacturing operation and workforce, but also introduce a new line of memory chips that are expected to have a lifespan of 15 to 20 years. This repackaged incentive package also provides an opportunity for the state of Virginia to revise the terms of the agreement, which previously required Micron to meet job, payroll, and capital investment targets in exchange for upfront incentive funds. [1e7016e7] [06643fa7]