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In 2005, the Virginia General Assembly renewed and updated the Virginia Enterprise Zone program to encourage business development and expansion in designated areas. The program is a partnership between state and local government designed to stimulate job creation and private investment in the targeted areas, called Enterprise Zones.
By offering businesses located within the enterprise zones a package of state and local incentives, the program stimulates private investment and creates jobs.
The state component of the program consists of two grant-based incentives, one targeting job creation and the other targeting real property investment.
The Wythe County Enterprise Zone (EZ #11) is made up of 3,310 acres and includes Progress Park, Fairview Industrial Park, and Rural Retreat Industrial Park, as well as Wytheville’s Downtown Historic District, and areas surrounding I-81 Exits 77, 80, 84, and 86. These designated enterprise zones would benefit a range of businesses including advanced manufacturers (especially those that require high levels of infrastructure and services), data centers, and tourism and hospitality industries. All areas within Wythe County’s designated Zone 11 offer an outstanding combination of logistical and utility capacities often required to compete in the global market. Local Enterprise Zone incentives, available to qualifying companies creating 25 or more jobs and making at least a $5 M or greater investment, will help make an already favorable cost environment even more competitive.
Keep in mind that while Enterprise Zones are an effective component in the economic development toolbox, they are not a one-size solution for all businesses. We offer a variety of programs with local and state partners that can make the economics of doing business here more favorable.
Meals Tax Grant – Restaurants locating in Enterprise Zones in the Town of Wytheville may be eligible for a grant to reimburse meals taxes for up to five (5) years.
Lodging Tax Grant – Hotels and other lodging operations locating in Enterprise Zones in the Town of Wytheville may be eligible for a grant to reimburse lodging taxes for up to five (5) years.
Get more information about local Enterprise Zone incentives, or call our office at (276) 223-3370.
We send an occasional newsletter with information about the growing economy and opportunities for continued growth in Wythe County, Wytheville, and Rural Retreat, Virginia.
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