Enterprise Zones | Richmond VA, Economic and Community Development

Enterprise Zones

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ENTERPRISE ZONE PROGRAM

Richmond: Virginia's Working Capital

The City of Richmond offers a set of local Enterprise Zone incentives for qualified commercial and industrial users. These incentives compliment and expand on the State of Virginia's Enterprise Zone Program. Below is a list of all incentives. All incentives are subject to availability of funds.

Real Estate Tax Abatement: A ten-year real estate tax abatement with seven full years and a three year reduced tax relief incentive. Applications must be submitted to Room 110 of City Hall, 900 East Broad Street. Learn more.

Brownfields Rebate: One-time rebate for combined Phase 1/Phase II environmental Site Assessment with a maximum of $3,500 (combination) and $7,500 (Phase II only). Site Assessments must meet EPA standards.

Machinery & Equipment Rebate: A 50% rebate toward the purchase of new or used specialized machinery or equipment up to a maximum of $5,000. The applicant must apply within nine (9) months of the qualified purchase.

Employment Assistance Grant: A grant equivalent to $400 per new eligible permanent position up to a maximum of $7,500 every two years to be provided to a new or expanded business. Positions must have a wage equal to 1.5 times the Federal minimum wage or higher.

Loan Fee Rebate: A one-time award covering incurred loan financing fees up to a maximum of $1,000. Private, Federal and State loan sources are eligible; city-originated loan programs are exempt. Applications are due within nine months of the closing date.

Business Relocation Rebate: A one-time award reimbursement equivalent to 50% of eligible expenditures up to a maximum of $10,000. The incentive must be applied for within nine months of the move-in date.

Development Fee Rebate: A one-time permit fee rebate for permits associated with the renovation or construction of commercial and industrial  facilities dollar for dollar up to a maximum of $3,000. A minimum of $20,000 must be invested in the rehabilitated or new structure within the past 12 months. Applicant must apply within nine (9) months of obtaining the Certificate of Occupancy or equivalent documents.

 

 

 
City of Richmond
Economic & Community Development

Main Street Station
1500 East Main Street, Suite 400

Richmond, VA 23219
804.646.5633