BUSINESS ACTIVITY REPORT 2001

RECENT ANNOUNCEMENTS

Fifteen new companies located to Chesapeake in 2001, while 21 existing businesses expanded their operations. Combined these 36 firms invested over $56.6 million dollars in capital investment, added over 945 new employees to their payrolls and absorbed over 1,332,552 square feet of space.

• Dendrite International, a Morristown, New Jersey-based firm, which initially located to Chesapeake in 2000, has expanded its operations and will occupy a second Class A office/technology facility located in the Liberty Executive Park located at Executive Blvd. in the Greenbrier section of Chesapeake. Operations will begin 2nd quarter of 2002.
• HUDD Distribution (Maersk Logistics) opened its 250,000 square foot distribution facility in Gateway Commerce Park, creating 197 jobs and $22,000,000 in capital investment.
• The IDA recently purchased 331 acres of land off of Clearfield Avenue to develop Oakbrooke Technology and Business Center, which anticipates attracting a variety of high tech businesses. There are approximately 100 useable acres, zoned PUD and will include amentities such as walking trails and picnic areas. Construction will begin late 2002/early 2003.
• South Norfolk expanded its business community with the addition of two new companies: Bay Bridge Enterprises, which acquired the former Jacobson's Metal and Sea Coast Electronics who bought the former Norshipco building on Seaboard Avenue.
• Chesapeake's continues to receive national recognition for being the leading Virginia city for international business growth. With over 60 companies, representing 16 countries.
• Mid-Eastern Builders are not only celebrating 20 years in business, but are also near completion of the Eden Way Business Center. Phase I includes 4 buildings totaling over 40,000 square feet. Located at the corner of Eden and Stephanie Way in the Crossways area of Chesapeake, the current tenants include Greenbrier Lighting, which recently expanded its operations. Other tenants will include Chartway Federal Credit Union, Dominion Eye Care and Stewart Title.

The City of Chesapeake continues to maintain its goals of increasing the city's tax base and revenue, creating jobs for its residents and creating diversity among the national and international companies that locate here.