Governor McDonnell Announces Two New Virginia Enterprise Zone Designations
– Pittsylvania County and the City of Norfolk receive enterprise zones to attract new businesses and jobs –
RICHMOND - Governor Bob McDonnell today announced Virginia Enterprise Zone (VEZ) designations in Pittsylvania County and the City of Norfolk. Each locality will use state and local enterprise zone incentives to create new jobs, promote private investment and support the overall growth of the local economy. The Governor has proposed $1 million in his budget to take additional steps toward fulfilling Virginia's commitment to the Enterprise Zone program – an effective incentive for job creation and real property investments in distressed communities.
Speaking about today's announcement, Governor McDonnell remarked, "Enterprise zones are an essential economic development tool in our effort to grow Virginia's economy. With the designation of these two enterprise zones, it is our hope businesses will choose to expand and locate in these localities, bringing new jobs and revenue to the regions. This is another important step toward creating more jobs and opportunities in distressed areas of the Commonwealth."
The Virginia Department of Housing and Community Development (DHCD) administers the VEZ program. VEZ supports job creation and private investment by providing state and local incentives such as grants and tax relief to qualified businesses and investors in enterprise zones. The program has supported more than $1 billion in investment and the creation of more than 40,000 jobs since 1995.
"The Commonwealth's low tax rate, skilled workforce and smart incentives like those offered in enterprise zones all contribute to making Virginia the best place in America in which to do business," said Secretary of Commerce and Trade Jim Cheng.
DHCD received applications from three localities during the competitive application process. The designations will be retroactive back to January 1, 2010.
"The Virginia Enterprise Zone program has a long and successful history in business growth and job creation," said DHCD Director Bill Shelton.
For more information about the VEZ program call (804) 371-7030 or visit: www.dhcd.virginia.gov.
DHCD is committed to creating safe, affordable and prosperous communities to live, work and do business in Virginia. DHCD partners with Virginia's communities to develop their economic potential, improve the quality and affordability of housing, provide for basic building safety, and increase their capacity to address community development and housing needs. Each year, DHCD invests more than $100 million into housing and community development projects throughout the state - the majority of which are designed to help low-to-moderate income citizens. By partnering with local governments, nonprofit groups, state and federal agencies and others, DHCD is working to improve the quality of life for Virginians. Visit the DHCD Web site at: www.dhcd.virginia.gov.
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