Virginia Enterprise Zone Program
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The City of Hampton has two state-designated Enterprise Zones, the Hampton Roads Center and the Hampton Urban. Two State incentives are available to existing and new businesses to aid the expansion and relocation of facilities.
Real Property Improvement Grant
- Cash grants up to 20% of qualified costs of new construction or rehabilitation.
- Threshold requirements for new construction is at least $250,000 and rehabilitations of at least $50,000.
- Maximum benefit is $125,000 for projects costing $5 million or less; maximum benefit increases to $250,000 for projects costing over $5 million.
- Mixed use projects can qualify provided 30% of the total square footage for the project is commercial.
- Grants are paid to the entity, owner or tenant that incurs the qualifying costs.
Job Creation Grants
- Cash Grants for qualifying new full-time positions (with benefits) in excess of four over the business firms base year. The base year can be either of the two proceeding calendar years, which ever is lower.
- Grants are payable over a five-year period full-time positions (with benefits) paying 200% of the federal minimum wage rate earn a maximum of $800 per year for five years or $4,000 and full-time positions earning at least 175% to 199% of the federal minimum wage rate can earn up to $500 per year for five years of $2,500.
- Maximum number of jobs is 350.
- Non eligible businesses include retail, food and beverage establishments, and local service providers.
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