The Staunton Enterprise Zone provides incentives to encourage new business location and existing business expansion in a geographic area of the city (approximately 700 acres) that is targeted for business development.
Below are brief descriptions of each incentive offered in the Enterprise Zone. For detailed information about each, download our fact sheet on Enterprise Zone incentives.
1. High Tech Business Location & Expansion Incentive
The purpose of this incentive is to attract high-tech and capital intensive companies to the Enterprise Zone, encourage expansion of existing companies, and to diversify the local employment base.
2. Professional Jobs Grant Incentive
The purpose of this incentive is to attract major employers who diversify the local employment base and create high-paying jobs compared to the market average.
3. Premier Company Location Incentive
Provides customized solutions for premier employers and can be leveraged with the Governor’s Opportunity Fund and other economic development incentive programs.
4. Creative Class/Entrepreneurship Incentive
Attracts and fosters small business development that diversifies Staunton’s economy and has strong potential for future business growth and expansion.
5. Destination Retail Incentive
Attracts new anchor retailers to the downtown area, generating additional traffic that reinforces downtown as a tourist and shopping destination while generating additional walk-by traffic for other downtown stores.
6. Minority Business Incentive
Ensures that entrepreneurs of all backgrounds have access to business development services and entrepreneurial opportunities.
7. Property Tax Exemption Incentive
Encourages redevelopment, infill developments, and real property investment in the Enterprise Zone.
8. Incentive for Increased Property Tax Exemption for Low-Impact Development
Encourages green development practices to be incorporated into Enterprise Zone projects.