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. To learn more about these state incentives, click here.
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.
The above map of the Progress Park Enterprise Zone and vicinity show the specific location of the zone. The addresses located in the zone may be obtained by calling (276) 223-3370 or emailing email@example.com.
Local incentives for the Wythe County Enterprise Zone program to qualifying businesses include the following:
- Discounted land prices
- Rebated water/sewer connection fees
- Reduced water/sewer usage rates
- Waived building permit fees in excess of 20,000 SF
- Expedited permitting process
- Reduced interest rate for Joint IDA Revolving Loan Fund
- Annual grant for high-investment, high-wage non-manufacturing operations
- Real property improvement grant
- Jobs creation grants