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.  

State Incentives

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.

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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.

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Local Incentives

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.  

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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.