Enterprise Zone Program
The Virginia Enterprise Zone Program, which is established through the Virginia General Assembly, is a State and Locality partnership in which a variety of incentives are available in a geographically defined area. Presently, there is one Enterprise Zone in the City of Roanoke (Zone One A); this zone covers much of downtown, the Roanoke Centre for Industry and Technology, Statesman Industrial Park, and the Williamson and Shenandoah corridors.
Because some Enterprise Zone incentives require pre-approval prior to construction or renovation, it is imperative that you contact the Department of Economic Development prior to commiting significant investment in a project.
State Enterprise Zone Incentives:
Real Property Investment Grant – A 20% reimbursement, capped at $100,000 for real property investments in excess of $100,000; award cap is increased to up to $200,000 for projects with an investment in excess of $5 million. For new construction, minimum investment threshold is $500,000 to qualify for this grant. This grant is available for commercial, industrial, and mixed-use (constituting no less than 30% commercial use) structures.
Job Creation Grant – A grant in the amount of $500 per year (for up to five years) for net new positions paying at least 150% of the Federal minimum wage ($12.69/hr); $800 per year (for up to five years) for net new positions paying at least 175% of the Federal minimum wage ($14.49/hr). A company must create a minimum of 5 net new positions to qualify; these positions must be full-time and offered full benefits. Hospitality, food service, and retail positions are ineligible to apply.
For more information on State Enterprise Zone grants, please visit the Enterprise Zone Program’s website through the Virginia Department of Housing and Community Services.
City of Roanoke Enterprise Zone Incentives:
The City of Roanoke has developed a strong set of incentives within our Enterprise Zone boundaries; these programs help in offsetting costs associated with investments such as facade renovations, water/fire/sewer connections, and building permit fees. These grants are available for commercial, industrial, or mixed-use (constituting no less than 20% commercial use) structures. For more information on the incentives available in each of the City’s Enterprise Zones, as well as applications, please see the links below.
For more information on the Enterprise Zone Program, please contact Sean Adkins at (540) 853-5405.