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2022 Economic Development Week

Economic Incentive Areas in Norfolk AIR

Norfolk Air (Norfolk Address Information Resource) recently included in its data all the Economic Development Areas. Norfolk Air is the City’s online property information tool. It is a single web page with information, maps, and aerial photography (current and historical) for an address. The application reduces the need for users having to go to different applications to get information about an address.

One of the economic zones in Norfolk Air is the Enterprise Zone. The Enterprise Zone program provides state and local incentives to businesses that invest and create jobs within Virginia’s enterprise zones, which are located throughout the state. Norfolk’s Enterprise Zone boundaries were last updated in 2016.

The goal of the program is to promote local and regional economic development and revitalization, particularly in areas that are considered “economically distressed.” Eight businesses made over $20.1 million in capital investments in the Norfolk Enterprise Zone (NEZ) in 2020, including Colley 24, LLC with an $8.9 million investment in the new construction of their commercial property. IP Configure – $4.25 million invested in historic renovation of the old acetylene gas factory.

BAE Systems created 266 jobs and Colonna’s Shipyard created 103 jobs in the enterprise zone this year alone, in addition to the jobs that both companies have created in past years in which they received job creation grants.

Here are the overall State and Local Highlights:

  1. 196 total Grants awarded between Job Creation Grant and Real Property Investment Grant
  2. JCG
    • 42 Businesses
    • $1.9 million in total awards
    • 2,470 jobs created/retained
  3. RPIG
    • 154 properties
    • $12.5 million in total awards
    • $347 million in qualified investments
  4. State
    • 13 businesses utilized
    • $1.5 million disbursed
    • 8 businesses invested over 20.1 million in capital investment
      • IP Configure with an $4.25 million invested in historic renovation of the old acetylene gas factory
      • Colley 24, LLC with an $8.9 million investment in new construction of their commercial property
  5. JCG
    • BAE Systems created 266 jobs
    • Colonna’s Shipyard created 103 jobs
  6. Local
    • Permit Fee Rebate
      • 4 qualified businesses
      • $15,040 in permit fee reduction
      • 108 jobs created
      • $11 million in capital investment
  7. Utility Tax Relief
    • 2 qualified businesses
    • $2,527 in relief
    • $985,904 in capital investment
  8. Business License relief
    • 2 qualified
    • $16,874 in relief
    • Same as above

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