The Virginia Enterprise Zone program is committed to encouraging economic growth and revitalization throughout the commonwealth by supporting businesses and investors. The program provides reimbursement grants for real property improvements as well as new job creation within the zone. This program is managed by the Virginia Department of Housing and Community Development (DHCD). Accomack County originally created it's Enterprise Zone in 2005 and has made some amendments to the area in the Zone since that time.
Qualification for real property investment grants requires the participant spend a minimum of $100,000 in qualifying investments for commercial, industrial, or mixed-use buildings or facilities or rehabilitation and expansion or a minimum of $500,000 in qualifying investments for new construction. Participants may qualify for reimbursements for up to 20% of the qualified costs in excess of the minimums. For example, if you spent $150,000 in qualifying expenses in renovating a business property in the Enterprise Zone, you could be eligible for a grant up to $10,000. The amount of the reimbursements will depend on state funds available for reimbursement as well as total caps on funds depending on the type and amount of investment.
For job creation grants, funds are available for net new permanent full time positions that pay a minimum of $12.69 per hour as well as provide health benefits. Certain categories of positions, such as retail, personal service, or food and beverage positions, are excluded. A minimum of 5 new permanent full-time positions must be created in order to qualify for funding.
For complete information on these programs, please follow the link to the Virginia Department of Housing and Community Development (DHCD) Enterprise Zone Site.
In addition to State Enterprise Zones, Accomack County offers several incentives for qualified activities including:
- Rebate of County Permitting Fees
- Accomack County Industrial Park Site Acquisition Cost Discount
- Discounted Sewer Hookup Fees and Rates in Accomack County Industrial Parks
- Rebate of Landfill Fees for Removal of Derelict Buildings
- County Business License Fee Rebate
- Financial Incentive for New Jobs Created in Accomack County Industrial Park
- Real Property Improvement Grant
- Personal Property/Tools & Machinery Grant
- Expedited Plans Review
- And More!
Most of the local incentives have requirements on minimum increases in value, etc., so please check with Tom Brockenbrough at (757) 787-5797 or (757) 824-5324 or email to email@example.com to see if you qualify.
If you wish to verify whether or not a property you own or are considering owning is in the Enterprise Zone, the information is available on AccoMap - Accomack County's Online Mapping Service
Accomack's Enterprise Zone is part of a Joint Enterprise Zone with Northampton County. For further information on Northampton's Enterprise Zone, please see their information online at http://www.co.northampton.va.us/enterprise.html or call Janice Williams (757) 678-0440 ext 516.