Enterprise Zone
In 2008, in anticipation of enterprise zone designation, Wise Town Council put in place additional incentives to layer on top of county and state incentives for businesses within county enterprise zones.
The new enterprise zone boundaries take in large portions of the Town of Wise: WiseEnterpriseZoneMap1.pdf
New businesses moving into those areas could now qualify for the following incentives from the Town of Wise:
-Real estate tax exemption. If businesses increase the assessed value of property that is at least 15 years old, they may qualify for three years of real estate tax exemptions-100 percent the first year, 50 percent the second year and 25 percent the third year.
-Loan application help. The Town plans to help businesses take advantage of low-interest loans available from state and local agencies, and intends to provide office space for such agencies to be on hand locally once a month to meet with business people.
-Training help. The Town plans to help new or expanding employers find programs to aid with training and recruitment, along with helping with job fairs and providing free job advertising on the Town Web site.
-Tourism marketing incentive. For tourism-related businesses, the Town plans to offer no-cost advertising and marketing support through both the Town Web site and free inclusion on Town marketing materials.
The Town incentives will join the existing tax breaks for real estate, equipment and machines offered by the county and the following state incentives, all of which are already in place for existing enterprise zone areas:
-Job creation grants. Available for companies that create more than four jobs with wage rates of at least 175 percent of the federal minimum wage with health benefits; grant amounts are based on the wages of eligible positions. Personal service, retail and food service positions are not eligible.
-Real property investment grants. Real property investment grants in an enterprise zone for a commercial, industrial or mixed-use facility are based on:
Qualified real property investments made by any individual or entity to a commercial, industrial, or mixed use building or facility in a designated Virginia Enterprise Zone;
An investment of greater than $100,000 for rehabilitation projects (grants are issued for up to 20 percent of anything spent in excess of the $100,000 threshold);
An investment of greater that $500,000 for new construction projects (grants are issued for up to 20 percent of anything spent in excess of the $500,000 threshold);
The grant is capped at $100,000 per building or facility for investments less than $5 million and $200,000 for investments of $5 million or more.
Additional information, grant manuals, grant application forms, wage rate threshold charts and answers to frequently asked questions can be found on the Virginia Department of Housing and Community Development website under the Virginia Enterprise Zone Program.
www.dhcd.virginia.gov
Contact Information:
Lauren Fink
Program Administrative specialist, Office of Community Development
Department of Housing and Community Development
Main Street Centre
600 East Main Street, Suite 300
Richmond, VA 23219
Phone: 804-371-7121
Fax: 804-371-7093
E-mail: lauren.fink@dhcd.virginia.gov
Wise County also offers tax incentives for each type of Enterprise Zone grant. Carl Snodgrass is the Wise County Enterprise Zone Administrator. He can be reached at 276-328-2321. He will be able to provide specific details about Wise County Enterprise Zone Incentives.
In 2008, in anticipation of enterprise zone designation, Wise Town Council put in place additional incentives to layer on top of county and state incentives for businesses within county enterprise zones.
The new enterprise zone boundaries take in large portions of the Town of Wise: WiseEnterpriseZoneMap1.pdf
New businesses moving into those areas could now qualify for the following incentives from the Town of Wise:
-Real estate tax exemption. If businesses increase the assessed value of property that is at least 15 years old, they may qualify for three years of real estate tax exemptions-100 percent the first year, 50 percent the second year and 25 percent the third year.
-Loan application help. The Town plans to help businesses take advantage of low-interest loans available from state and local agencies, and intends to provide office space for such agencies to be on hand locally once a month to meet with business people.
-Training help. The Town plans to help new or expanding employers find programs to aid with training and recruitment, along with helping with job fairs and providing free job advertising on the Town Web site.
-Tourism marketing incentive. For tourism-related businesses, the Town plans to offer no-cost advertising and marketing support through both the Town Web site and free inclusion on Town marketing materials.
The Town incentives will join the existing tax breaks for real estate, equipment and machines offered by the county and the following state incentives, all of which are already in place for existing enterprise zone areas:
-Job creation grants. Available for companies that create more than four jobs with wage rates of at least 175 percent of the federal minimum wage with health benefits; grant amounts are based on the wages of eligible positions. Personal service, retail and food service positions are not eligible.
-Real property investment grants. Real property investment grants in an enterprise zone for a commercial, industrial or mixed-use facility are based on:
Qualified real property investments made by any individual or entity to a commercial, industrial, or mixed use building or facility in a designated Virginia Enterprise Zone;
An investment of greater than $100,000 for rehabilitation projects (grants are issued for up to 20 percent of anything spent in excess of the $100,000 threshold);
An investment of greater that $500,000 for new construction projects (grants are issued for up to 20 percent of anything spent in excess of the $500,000 threshold);
The grant is capped at $100,000 per building or facility for investments less than $5 million and $200,000 for investments of $5 million or more.
Additional information, grant manuals, grant application forms, wage rate threshold charts and answers to frequently asked questions can be found on the Virginia Department of Housing and Community Development website under the Virginia Enterprise Zone Program.
www.dhcd.virginia.gov
Contact Information:
Lauren Fink
Program Administrative specialist, Office of Community Development
Department of Housing and Community Development
Main Street Centre
600 East Main Street, Suite 300
Richmond, VA 23219
Phone: 804-371-7121
Fax: 804-371-7093
E-mail: lauren.fink@dhcd.virginia.gov
Wise County also offers tax incentives for each type of Enterprise Zone grant. Carl Snodgrass is the Wise County Enterprise Zone Administrator. He can be reached at 276-328-2321. He will be able to provide specific details about Wise County Enterprise Zone Incentives.
