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CL-2430 Work Session   Item #: G.       
Meeting Date: 11/05/2020  
Subject:    Renewal of Enterprise Zone 57B
From: Kelvin Perry

COUNCIL ACTION
Work Session:     11/05/2020
SUMMARY
The Office of Economic Development is requesting a resolution authorizing the City Manager to sign and submit an application to the Virginia Department of Housing and Community Development (DHCD) to grant a five-year extension for Enterprise Zone 57B. The extension will allow the City to continue to encourage and incentivize new capital investment and job creation for businesses that locate within this zone.  Businesses and property owners within this designated area would qualify for local or state Enterprise Zone incentives based on job creation, average employee wage rates, and/or capital investment. This year marks the twentieth year that Zone 57B has been designated as an Enterprise Zone. In 2019, the Enterprise Zone legislation was changed to allow zones that were established prior to 2005 to be eligible to request one five-year renewal. 
BACKGROUND
Enterprise Zone 57B was established in 2001 and is a joint zone with Pittsylvania County. This zone consists of 1,658 acres including the Kentuck Road corridor, Airside Industrial Park, the Gypsum Road industrial corridor, and a portion of Cane Creek Centre.

All Enterprise Zones designated under this legislation are designated for an initial 10-year period, with the opportunity for two subsequent five-year renewals by the Governor. This year marks the twentieth year that Zone 57B has been designated as an Enterprise Zone. In 2019, the Enterprise Zone legislation was changed to allow zones prior to 2005 to be eligible to request one five year renewal. 
RECOMMENDATION
City Staff recommends the approval of a resolution authorizing the City Manager to submit to the Department of Housing and Community Development all the necessary documentation to request a five-year extension to Enterprise Zone 57B. 

Attachments
Resolution
EZ Zone 57B


    

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