Portsmouth Enterprise Zones Renewed
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Virginia renews 15 Enterprise Zones
State program has generated more than $1.5B in investment and 50,000 jobs since 2015.
Fifteen Virginia Enterprise Zones (VEZ) were renewed for another five years, continuing to make expanded economic development grants available for qualified employers and investors in the zones, Gov. Ralph Northam announced Monday.
The Virginia Department of Housing and Community Development (DHCD) administers the program for the 15 zones that were initially designated in 2000, 2005 and 2010 to support job creation and private investment. These initiatives include the Job Creation Grant and the Real Property Investment Grant.
“The Virginia Enterprise Zone program is one of our most valuable tools for supporting local economic growth,” Northam said in a statement. “Providing state and local incentives for new investments and higher-wage jobs makes these communities more competitive when a business is deciding where to locate or whether to expand in our commonwealth.”
The General Assembly passed legislation this year allowing zones designated after 2005 to apply for a third five-year renewal and zones designated before 2005 can request one five-year renewal. The renewals were based on continued need for creating jobs and providing investment incentives in each designated zone.
The VEZ program has generated more than $1.5 billion in investment and 50,000 jobs since 2015 within the designated zones. Businesses can earn up to $200,000 during a five-year period in Real Property Investment Grants and up to $800 per Job Creation Grant position.
Designated zones are located across all regions of the state. The following are the zones designated by year of creation:
- Zone 48 – Charlotte County/Lunenburg County/Prince Edward County
- Zone 49 – Dickenson County/Town of Clintwood/Town of Haysi
- Zone 50 – Lancaster County/Northumberland County/Richmond County/Westmoreland County/Town of Kilmarnock/Town of Warsaw
- Zone 51 – Smyth County/Washington County/Town of Chilhowie/Town of Glade Spring
- Zone 8 – City of Hampton Urban Zone
- Zone 9 – City of Hopewell
- Zone 10 – City of Petersburg
- Zone 11 – Wythe County
- Zone 12 – Town of Bedford
- Zone 4 – City of Portsmouth South Zone
- Zone 7 – City of Norfolk
- Zone 16 – Prince George County
- Zone 17 – City of Staunton
- Zone 18 –City of Franklin/Isle of Wight County/Southampton County
- Zone 24 – Pittsylvania County
ORIGINALLY PUBLISHED IN VIRGINIA BUSINESS ON DECEMBER 23, 2019 WRITTEN