Enterprise Zone Information

Program Description

Prince Edward County’s Enterprise Zone Program is a Commonwealth of Virginia, economic development program managed by the Virginia Department of Housing and Community Development (DHCD). The State’s Enterprise Zone Program is designated to offer state and local incentives for businesses to locate or expand within the designated zone areas. Prince Edward County has one enterprise zone designation that includes portions of the Town of Farmville and consists of 2,085 acres as shown on the Enterprise Zone map.

State Incentives

Real Property Investment Grants are available for investment made to industrial, commercial, or mixed-use property in an enterprise zone. A mixed-use property is a building incorporating residential uses in which a minimum of 30 percent of the useable floor space will be devoted to commercial, office or industrial use.

Real Property Investment Grants require investors submitting applications for rehabilitation or expansion projects to meet a $100,000 investment threshold while a $500,000 investment threshold will be applied to new construction projects. Grants are available to qualified Zone investors in amounts up to 20% of the total amount of investments made exceeding the applicable thresholds. Grant caps for projects in which total investments are less than $5 million is equal to $100,000. A $200,000 grant cap will be applied to projects in which total investments exceed $5 million. Real Property Investment Grants are applicable per building or facility within a five-year period.

Wage-Based Job Creation Grants

Wage-based creation grants are offered for new permanent full-time positions created by business start-ups and expansions by existing firms. Wage-based job grants are available for all qualified business firms that are not local service, food/beverage or retail establishments. Wage-based job creation grants are available in amounts up to $500 per grant eligible position filled by an employee earning 175 percent of the federal minimum wage and up to $800 per grant eligible position filled by an employee earning 200 percent of the federal minimum wage. To qualify, these positions must also be offered health benefits. Business firms are eligible to receive job grants for five consecutive calendar years from the first year of grant eligibility. Firms can receive wage-based job creation grants for up to 350 grant eligible positions per year. Positions that pay less than 175 percent of the federal minimum wage or that do not offer health benefits are not eligible for grants.

To qualify for wage-based job creation grants, business firms must increase their enterprise zone permanent full-time positions by four permanent full-time threshold jobs over a base calendar year.

General Provisions

• Job grant applications must be submitted to the local zone administrator by March 31 for the preceding calendar year. DHCD will notify them of the fiscal grant by June 30.
• Should requests for tax credits exceed the state’s annual available amount, each qualified business will receive a prorated portion.

Local Incentives

Local incentives have been established to complement and enhance the state enterprise zone incentives. Examples of local incentives offered by the County of Prince Edward and the Town of Farmville include:
• Labor Pool Information
• Crime and Fire Prevention education
• Marketing Assistance
• Business Development Services
• Business Security Audits
• Business Workshop Training Programs
• Waiver of Building Permit Fees
• Site Purchase Discount/Prince Edward County Industrial Park
• Machinery & Tool Investment Grant/Prince Edward County Industrial Park & Farmville Industrial Park
• Fast Track Permitting
• Waiver of 25% or $1,000, whichever is greater, of water and sewer availability and tap fees.*
• A 5 year real estate tax investment credit on 100% of value of improvements resulting from renovation work.*
• Accelerated Development Review Process*
• Architectural design fee reimbursement*
• For historic districts*
• Waiver of land disturbance/soil and erosion permit fees/ West Third Street*

*Programs specific to the Town of Farmville.

For more detailed information concerning a local incentive, including eligibility criteria, boundaries and deadlines, contact the County's Office of Economic Development. Information above as of 1/2009.

For More Information Contact
Prince Edward County Office of Economic Development
P.O. Box 625 • 121 East Third Street
Farmville, VA 23901
434/392-1482 • Fax 434/392-7886
scarney@co.prince-edward.va.us

Download Enterprise Zone Brochure (pdf)

Last Updated: January 21, 2010

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