DATE: Friday, September 19, 1997            TAG: 9709190987

SECTION: BUSINESS                PAGE: D2   EDITION: FINAL 

SOURCE: STAFF REPORT 

DATELINE: SUFFOLK                           LENGTH:   24 lines

SUFFOLK AWARDS FUNDS TO FIRM FOR RELOCATION

For the first time, the city has reached into its pot and awarded money to attract economic development.

L&L Tool and Machine Works Inc., a machine fabrication shop in northern Suffolk, will receive a $5,000 check from the city's economic development investment fund - money set aside for companies that either expand or relocate here, said Thomas O'Grady, Suffolk's economic development director.

Businesses must apply for the money, and the city awards companies based on the number and quality of jobs they create, their capital investment and the amount of city taxes they pay.

Suffolk has $450,000 in the fund, which is in the city's operating budget.

L&L Tool is a subcontractor for Newport News Shipbuilding. Since moving in January from Isle of Wight County, the company has grown to 15 employees, said Raymond Davis, the owner of L&L.

``This says that the city is more than willing to work with new companies,'' Davis said.

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