|English: Bumpersticker on the campaign trail (Photo credit: Wikipedia)|
Three cities and Two Counties Receive Enterprise Zone Status to Attract New Businesses and Jobs
RICHMOND - Governor Bob McDonnell today announced four Virginia Enterprise Zone (VEZ) designations. The zones are for the City of Portsmouth, the City of Winchester, Scott County, and a joint zone including the city of Radford and Pulaski County. Each locality will use state and local enterprise zone incentives to create new jobs, promote private investment, and support the overall growth of the local economy.
“Bringing jobs and new businesses to the commonwealth is our top priority,” said Governor McDonnell. “The incentives offered in the enterprise zones, along with our robust workforce and pro-business regulatory climate are just a few reasons why Virginia is the best state for business.”
The Virginia Department of Housing and Community Development (DHCD) administers the VEZ program. VEZ 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 enterprise zones. Businesses can earn up to $200,000 during a five-year period in Real Property Investment Grants and for Job Creation Grants, 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.
“The Virginia Enterprise Zone program is a successful economic revitalization tool for business growth and job creation,” said Secretary of Commerce and Trade, James S. Cheng. “These designations will provide an additional economic boost to these forward-looking communities.”