Governor Terry McAuliffe has announced five new Virginia Enterprise Zone designations for Tazewell County, the cities of Lynchburg and Hampton, and two joint zones for city of Martinsville and Henry County, as well as Mecklenburg and Brunswick counties. The Virginia Department of Housing and Community Development administers the VEZ program, which supports job creation and private investment by providing state and local incentives such as the Job Creation Grant (JCG) and the Real Property Investment Grant (RPIG) to qualified businesses and investors in the enterprise zones.
Speaking at an event in Lynchburg, Governor McAuliffe said ” The Enterprise Zone Program is an important tool that will help in our efforts to build a new Virginia economy. By providing both local and state incentives, we are creating a pro-business climate that not only attracts new businesses, but also helps our existing businesses grow.”
“The Enterprise Zone program has been extremely successful in the Commonwealth’s community development efforts,” said Secretary of Commerce and Trade Maurice Jones. “In the last grant year, 1,321 jobs were created and $245 million in qualified real property investments were made in communities across Virginia through this program.”
Through a competitive application process, Enterprise Zones are designated for a 10-year period followed by two performance- based five-year renewals for a total of 20 years. Thirteen applications were received for this competitive cycle, and with the five new designations, the total number of Enterprise Zones will be 46 as of January 1, 2016.
Businesses can earn up to $200,000 during a five-year period in RPIGs, and for JCGs, they can receive up to $800 per position per year over a five-year period, depending on the wages offered. The program has supported more than $1 billion in investment and the creation of more than 40,000 jobs since 1995.