1. What is an Enterprise Zone?
  2. Where is the Enterprise Zone and is my property or business located in it?
  3. Does the Enterprise Zone affect zoning?
  4. Where can I find more information on the Enterprise Zone?
  5. What are the benefits of the Enterprise Zone? Does Henrico County provide local incentives?
  6. What state incentives are available under the Enterprise Zone program?
  7. How can I learn more about the West Enterprise Zone and Nine Mile Road Sub-Zone?

What is an Enterprise Zone?
Enterprise Zones are areas defined by the state upon written application by the governing body of any county, city or town. The purpose of the Virginia Enterprise Zone Program is to stimulate business and industrial growth in such areas, which would result in neighborhood, commercial and economic revitalization.

 

Where is the Enterprise Zone and is my property or business located in it?
You can find maps of the Enterprise Zone and lists of properties located in it at the following link:
West Broad Street, Staples Mill Road, Lakeside Avenue, and Brook Road (PDF, 2MB)
Laburnum Avenue and Mechanicsville Turnpike (PDF)
Nine Mile Road, Audubon Drive, and Williamsburg Road (PDF, 1 MB)

 

Does the Enterprise Zone affect zoning?
No, designation as an Enterprise Zone does not change the zoning of your property.

 

Where can I find more information on the Enterprise Zone?
For more information concerning the Henrico County Enterprise Zone, call the Henrico Community Revitalization Department at (804) 501-7615 or (804) 501-7614.

 

What are the benefits of the Enterprise Zone? Does Henrico County provide local incentives?
Henrico County will provide grants, accelerated development processing, a seven-year real estate tax exemption for rehabilitation of certain commercial real estate, commercial and industrial rehabilitation grants for exterior improvements and to correct code violations, employment and training assistance, and technical assistance and regulatory flexibility. Click here to view or print a list of incentives (PDF).

 

What state incentives are available under the Enterprise Zone program?
The state program has two grant incentives: job creation and real property investment.

The job creation grant is similar to the existing job grant incentives and is based on permanent full time job creation. Under the new program, the amount of the grant will be based on the wages paid for those positions rather than on zone residency. Positions that pay 200 percent of the federal minimum wage and are provided health benefits could receive a grant of $800 per year for five years. Positions that pay less that 200 percent but at least 175 percent of the federal minimum wage and are provided with health benefits could receive a grant of $500 per year for five years. Positions that are paid less than 175 percent of the federal minimum wage or are not provided health benefits are not eligible for job creation grants. Job creation grants are based on a calendar year. Positions filled for less than a full calendar year will be prorated based on the number of full months worked.

The real property investment grant is similar in many ways to the existing real property tax credit, except that the incentive is offered as a grant rather than a refundable tax credit. For a rehabilitation or expansion project, the minimum investment threshold is $50,000. For a new construction project, the minimum investment threshold is $250,000.

Projects involving up to $2 million in qualified enterprise zone investment can receive a grant equal to 30 percent of the amount of the qualified enterprise zone investment not to exceed $125,000 for any building or facility within a five year period. Projects involving $2 million or more in qualified enterprise zone investment could receive a grant equal to 30 percent of the amount of the qualified enterprise zone investment not to exceed $250,000 for any building or facility within a five year period.

For additional information on State incentives contact the Virginia Department of Housing and Community Development at (804) 371-7030.

 

How can I learn more about the West Enterprise Zone and Nine Mile Road Sub-Zone?
Information concerning the redesignation of the Enterprise Zone and detailed maps can also be reviewed at the Permit Center in the Western Government Center, or at any of the Henrico County public libraries. For more information concerning the Henrico County Enterprise Zone and Sub-Zone or general information on this subject call the Henrico Department of Community Revatilization on (804) 501-7615 or (804) 501-7614.