The Roanoke Region includes two enterprise zones that offer incentives for business locations, expansions, and development. Businesses and/or property owners in a zone, and that meet requirements are eligible for state and local grants based on job creation and/or investment in real property.
Two grant-based incentives are available from the Commonwealth of Virginia: job creation grants and real property investment grants.
Job Creation Grants are based on:
- Permanent full-time job creation over a four job threshold, exceeding wage thresholds and making health benefits available.
- The amount of the grant will be based on the wages paid for grant-eligible positions in eligible industries.
Real Property Investment Grants are based on:
- Investments made to a commercial, industrial, or mixed-use building or facility;
- An investment greater than $100,000 for rehabilitation projects. Grants issued for up to 20 percent of anything spent in excess of $100,000.
- An investment of greater than $500,000 for new construction. Grants issued for up to 20 percent of anything spent in excess of $500,000.
- Grants capped at $100,000 per building or facility for investments less than $5 million, and $200,000 for investments of $5 million or more.
City of Roanoke Enterprise Zone
- Job Grants: Businesses taking advantage of job training assistance from the Virginia Department of Business Assistance also may be eligible for job training grants from the City of Roanoke.
- Partial Real Estate Tax Exemption of Rehabilitated Buildings: Available when rehabilitation increases the assessed value of an existing commercial, industrial or commercial mixed-use property.
- Facade Grant Program: Rebates one-third of the cost of façade renovations up to $25,000.
- Development Fees Rebates: Available in proportion to the amount of investment.
- Water, Fire, Sewer Hookup Fees Rebates: Based on the amount of overall investment.
- Business Security Grant: By participating in the Roanoke Police Department Star City Business Watch program, businesses may receive up to $500 to incorporate police-recommended security measures.
- Neighborhood and Parks Grant: Available to neighborhood organizations for improving gateway features, signage, or overall beautification efforts.
Alleghany Highlands Enterprise Zone
- Utility Consumer Tax Reduction: A 70 percent reduction in the first year, 40 percent for Year 2, and 20 percent for Year 3.
- Business License Tax Reduction: A 70 percent reduction in the first year, 40 percent for Year 2, and 20 percent for Year 3.
- Real Estate Tax Reduction: A 70 percent reduction in the first year, 40 percent for Year 2, and 20 percent for Year 3.
- Machinery and Tools Tax Reduction: A 70 percent reduction in the first year, 40 percent for Year 2, and 20 percent for Year 3.
- Building Permit Fee Reimbursement: A payment equal to the amount of the building permit fees.