Dec. 26, 2019 - Hampton’s Urban area Enterprise Zone has been renewed for five more years, Gov. Ralph Northam announced this week. Enterprise Zones allow businesses that are located in key areas and added qualifying jobs or property investments to receive grants.
The program is a partnership between the state and city to stimulate economic growth by encouraging businesses to expand, relocate, or start new operations in key areas. Learn more and see the qualifications.
Hampton has two enterprise zones — Hampton Roads Center, covering Hampton Roads Center and other office park areas, and the urban zone, covering commercial/retail areas along much of Mercury Boulevard, Pembroke Avenue, Nickerson Boulevard, King Street, downtown and Phoebus. See the map.
The urban zone was designated in 2005 and was renewed for 2020-2025. The Hampton Roads Center zone was approved under new state rules in 2016 for 10 years.
Businesses are reminded that the deadline for applying for the grants for investments in the 2019 calendar year is April 1, 2020.
To help businesses understand the program and required forms, the Virginia Department of Housing and Community Development will hold workshops. The closest to Hampton will be Jan. 9, 2020, at noon in Norfolk’s Slover Library. Register here.
The VEZ program has generated more than $1.5 billion in investment and 50,000 jobs since 2015 within the designated zones, according to the state. Businesses can earn up to $200,000 during a five-year period in Real Property Investment Grants and up to $800 per Job Creation Grant position.