FOR IMMEDIATE RELEASE
June 11, 2014
Press Contact: Anna Bentson
Lynchburg Office of Economic Development
Lynchburg, VA – Lynchburg City Council approved an amended local Enterprise Zone (EZ) incentive during a public hearing at the June 10th meeting.
In a regular review of Lynchburg’s local EZ incentives, the Lynchburg Office of Economic Development recognized an opportunity to craft a more targeted local incentive for Lynchburg businesses. The local incentive has been modified from a tax “credit” tied to the state Job Creation Grant to a Local Redevelopment Grant, a cash grant supporting real property investments. The amendment removes any requirement for Lynchburg businesses to apply, qualify for and receive the state-level grant as a precursor to the local grant. Benefits of the change include easier administration and tracking and better utilization by small- and mid-sized businesses
Lynchburg is an active participant in the Virginia Enterprise Zone Program, with two Enterprise Zones identified by the Virginia Department of Housing and Community Development (DHCD). There are 50 Enterprise Zones in the Commonwealth of Virginia. The zones were established to provide incentives for businesses to locate or expand, stimulating economic development within the designated areas. The program offers state-level incentives authorized by the General Assembly, along with local incentives crafted by municipalities to target local economic development needs.
The Local Redevelopment Grant is a reimbursement grant up to a maximum of $25,000 or one third of the costs for eligible improvements for the rehabilitation or redevelopment of real property. The grant is subject to approval by the Lynchburg Economic Development Authority and availability of funds. The City of Lynchburg Office of Economic Development has designated $75,000 per fiscal year for the Local Redevelopment Grant
For more information on the Enterprise Zone application requirements, eligibility and benefits, visit the Virginia Department of Housing and Community Development website at www.dhcd.virginia.gov.
To learn more about local incentive programs, visit the Lynchburg Office of Economic Development atwww.opportunitylynchburg.com.
About the City of Lynchburg Office of Economic Development and the Lynchburg Economic Development Authority
With over 3,900 businesses ranging from traditional mom-and-pop shops to headquarters of global corporations, Lynchburg is the commercial, cultural, entertainment, residential and retail hub of the Central Virginia region. The broad-based economy, highly-skilled workforce and unparalleled quality of life have positioned Lynchburg among the cities leading the nation into the New Economy.
The Lynchburg Economic Development Authority, or LEDA, is a political subdivision of the Commonwealth of Virginia and serves as the incentive arm of the City of Lynchburg. LEDA actively pursues investment and development opportunities, and elevates the economic development profile of the City. The Lynchburg Office of Economic Development, or LOED, is the City of Lynchburg’s economic development agency.