|
|
|
Smyth County Economic
Development
Enterprise Zones
Enterprise Zone Objectives...
• Promote the area’s
revitalization through an increase in
economic activity.
• Stimulate private investment &
job creation in the area.
Retain & expand commercial &
industrial facilities presently located in the zone.
Attract new industry and business to vacant
sites within the zone.
Provide tax benefits for locating or
expanding an existing business in the Zone.
Chilhowie Enterprise Map
(Acrobat Reader PDF)
Saltville Enterprise Map
(Acrobat Reader PDF)
Atkins Enterprise Map
(Acrobat Reader PDF)
State Incentives
Job Creation Grants
- Businesses are
eligible to receive job creation grants, over a five-year period, if
new permanent full-time jobs are created above a four-job minimum.
- Grant amounts are
based on the amount each created job pays in wages and health
benefits. Jobs that pay 200% more than the federal minimum range
and provide health benefits will be eligible to receive a grant of
$800 every year for five years. Jobs that pay above 175% of the
minimum wage and provide health benefits, but pay below 200% of the
minimum wage will be eligible to receive a grant of $500 every year
for five years. Any job that pays less than 175% of the minimum
wage or does not provide health benefits will not be eligible for
grants.
- Jobs are not
available to retail, local service, or food/beverage establishments
- These grants are
based on a calendar year, and any position that is filled for less
than a year will be prorated based on the number of months worked in
that position
- A business can
apply for a grant for up to 350 new jobs per year
Real Property Investment Grants
- A real property
investment grant is available to any entity or individual who makes
real property improvements of at least $50,000 for rehabilitation or
expansion, or at least $250,000 for new construction.
- Investments that
are less than $2 million are eligible to receive a grant in the
amount of 30% of the real property investment not to exceed $125,000
for any building or facility within a five-year timeframe.
- An investment that
is $2 million or more is eligible for a grant of 30% of the real
property investment not to exceed $250,000 for any build exceed
$250,000 for any building or facility within a five-year period.
- Mixed-use projects
are eligible to receive real property investment grants if at least
30% of the project is for business.
- An entity or
individual who is making the investment can receive a real property
investment (Can be building owner/investor or business).
- There are no job
creation requirements for this grant
|
|
|
Web
Disclaimer & Privacy Policy
Official site of Smyth County,
Virginia
121
Bagley Circle, Suite 100, Marion, VA 24354 Phone:(276)783-3298
Fax:(276)783-9314
For technical questions about this
site please contact the
webmaster
Last
Updated
Tuesday, July 01, 2008
|
