Enterprise Zone Program
The Virginia Enterprise Zone program was established by the General Assembly in 1982 as a partnership between state and local government to stimulate job creation and private investment within designated areas throughout the state. Currently, Virginia has more than 50 designated enterprise zones. The Enterprise Zone Program is a Commonwealth of Virginia economic development program managed by the Virginia Department of Housing and Community Development. The state’s Enterprise Zone Program is designed to offer state and local incentives for businesses to locate or expand within the designated zone areas. The state offers two incentive programs, the job creation and real property investment grants. These grants are subject to the availability of state funding. For more information regarding the State Enterprise Zone Incentives.
Local Zone and Incentives
Hopewell’s enterprise zone consists of 2,082 acres of commercial, industrial, retail, and office spaces, and contains the City’s largest employers. Hopewell Enterprise Zone Map.
The City has established a set of local incentives to complement and enhance the state enterprise zone incentives. Examples of local incentives offered by the City of Hopewell include the following: Waiver of Permit and Land Development Fees; Exemption from BPOL taxes; partial exemption of real estate taxation; and a partial exemption of machinery & tools taxation. Get a complete list of the City’s Local Enterprise Zone Incentives.