The Virginia Enterprise Zone (VEZ) Program is a partnership between state and local government that encourages job creation and private investment The VEZ program accomplishes this by designating Enterprise Zones throughout the state and providing two grant-based incentives, the Job Creation Grant (JCG) and the Real Property Investment Grant (RPIG) to qualified investors and job creators within those zones; while the locality provides local incentives.

STATE INCENTIVES

State incentives are available to businesses and zone investors who create jobs and invest in real property within the boundaries of enterprise zones. As noted above the state of Virginia through the VEZ program offers the following incentives:

Job Creation Grant (JCG)

Qualification for the Job Creation Grant (JCG) is based on permanent full-tim job creation over a four (4) job threshold, wage rates of at least 175% of the Federal minimum wage (150% in HUS*), and the availability kf health benefits. Personal service, retail, food, food and beverage positions are not eligible to receive job creation grants. (HUA is High Unemployment Areas)

Real Property Investment Grant (RPIG)

Eligibility for the Real Property Investment Grant (RPIG) is based on qualified investments made to commercial, industrial, and mixed-use buildings or facilities located within the boundaries of an enterprise zone. To be eligible for the RPIG, an individual or entity must invest at least $100,000 for rehabilitation or expansion projects and at least $500,000 for new construction projects.

For more information please visit the VEZ Program website.
 

BRUNSWICK COUNTY (LOCAL) INCENTIVES

Brunswick County incentives and specialized services are available to Businesses and industries that locate or expand in its local Enterprise Zone; making significant investments in real property and creating jobs. The incentives are offered to improve and grow the local economy by creating within targeted areas an improved climate for private sector investment, development and expansion. This is done by reducing the cost of doing business through regulatory flexibility and through tax and other financial incentives

Site Location Assistance is available to business and industry to find and obtain the property that most effectively completes the check list of requirements. IDA staff work with the business or industry to understand their requirements and provide options to select from.

Fast Tracking is available to businesses and industries to meet the schedule planned to complete the regulatory process; e.g. zoning, permitting, etc. Staff work in partnership with business and industry to move the project through the process efficiently and expeditiously.

Waiver of Water & Sewer Connection Fees: Water and sewer connection fees will be waived for new industrial and commercial structures subject to the minimum investment requirements shown below.

  • Minimum investment in new construction of $125,000 for commercial structures.
  • Minimum investment in new construction of $250,000 for industrial structures.

Waiver of Building Permit Fees: Building permit fees will be waived for improvements to existing industrial and commercial structures or the construction of new industrial and commercial structures subject to the minimum investment requirements shown below.

  • Applicant must construct improvements to an existing building of more than 10% of the current assessed value before the improvements are constructed.
  • Minimum investment in new construction of $125,000 for commercial structures.
  • Minimum investment in new construction of $250,000 for industrial structures.

Real Estate Tax Grant: A grant will be provided for the increase in assessments (County and Town) that result from improvements to existing industrial and commercial structures or the construction of new industrial and commercial structures. Structures must be in continuous industrial/commercial use for three (3) years to receive the grant. Grant amounts are phased out over 5 years per the table shown below. Real Estate Grants are subject to the minimum investment and job creation requirements shown below.

  • Applicant must construct improvements to an existing occupied industrial or commercial building of more than 10% of the current assessed value before the improvements are constructed.
  • Applicant must construct improvements to an existing vacant industrial or commercial building of more than 25% of the assessed value before the improvements are constructed.
  • Minimum investment in new construction of $125,000 for commercial structures.
  • Minimum investment in new construction of $250,000 for industrial structures.
  • Minimum of 5 new full-time jobs created for all levels of investment.
Phase Out Schedule
Year 1 2 3 4 5
Grant Amount (% of Tax) 100% 75% 50% 50% 50%

Machinery & Tools Tax Grant: A grant will be provided equal to the Machinery & Tools Tax on new machinery and tools placed in service for the purpose of modernization, plant expansion or new operations for the purpose of creating or retaining jobs. Business or Industry must continue operation after putting new machinery and tools in service, meeting the employment requirements, for three years to apply for the grant. Grant amounts are phased out over 5 years per the table shown below. Machinery & Tools Tax Grants are subject to the minimum investment and job creation requirements shown below.

  • Minimum investment in new machinery and tools of $125,000 and the creation of 6 jobs for an existing business.
  • Minimum investment in new machinery and tools of $250,000 and the creation of 12 jobs for a new business.
Phase Out Schedule
Year 1 3 3 4 6
Grant Amount (% of New Tax) 100% 75% 50% 50% 50%

Business, Professional, & Occupational Licensing Tax Waiver: Increases in Business, Professional, & Occupational Licensing Tax due to new investment will be waived by the Towns that levy it within Brunswick County subject to the minimum investment and job creation requirements shown below. The waiver is phased out over 5 years per the table shown below.

  • Minimum investment (building improvements, new construction, or equipment) in an existing business of $50,000.
  • Minimum investment (building improvements, new construction, or equipment) in a new business of $50,000 and the creation of 5 full-time jobs.
Phase Out Schedule
Year 1 2 3 4 5
Amount (% of increase in BPOL) 100% 75% 50% 50% 50%

Industrial Park Incentive: The Brunswick County IDA will assist industries that locate in industrial parks owned by the IDA in financing the purchase of park acreage at very favorable rates and/or sell land within an industrial park at a discounted price to qualified businesses that locate in an industrial park and plan to make at least $500,000 in fixed asset improvements to the site and create a minimum of 10 full-time jobs.