The Virginia Enterprise Zone (VEZ) program is a partnership between the Commonwealth of Virginia and local governments designed to incentivize job creation and real property investment. 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.
For more information about the NEZ, just follow this link.
This is an ongoing series that profiles Norfolk small businesses and entrepreneurs who have benefitted from the programs offered by the Norfolk Department of Development and their partners. Over the next few weeks, we’ll highlight some of the businesses and their projects that are in the NEZ. Stay tuned!
Meanwhile, to determine if your property is within one of 14 designated zones and for additional information click on the link: Enterprise Zones – Norfolk Department of Economic Development or contact the Local Enterprise Zone Administrator George Hoddinott.