During its regular session on December 9, Lynchburg City Council will conduct a Public Hearing regarding amendments to Virginia Enterprise Zones #2 and #46 to encompass the areas shown on maps “Enterprise Zone Amendment, Zone # 2” (PDF) and “Enterprise Zone Amendment, Zone #46,” (PDF) contingent upon approval by the Virginia Department of Housing and Community Development (DHCD).
Lynchburg is an active participant in the Virginia Enterprise Zone Program, with two Enterprise Zones identified by DHCD as #2 and #46. The zones were established to provide incentives for businesses to locate or expand, stimulating economic development within the designated areas. Although the General Assembly has changed the benefits of Enterprise Zone designation over the years, two primary incentives remain for businesses: job creation grants and real estate improvement grants.
Enterprise Zone boundaries are eligible for amendment annually upon approval by City Council and DHCD. Program guidelines limit zone size to 7% of the locality’s total land area, and both of Lynchburg’s zones are close to the limit. In order to maximize zone size and therefore provide the greatest benefit to local businesses, ineligible property classes can be removed from the zone to allow for the inclusion of additional commercial property.
The areas proposed for deletion consist of public property and right-of-way where zone designation provides no benefit. The areas proposed for addition include primary commercial corridors, industrial park properties and areas of anticipated growth. Enterprise Zone designation has no impact on land use or zoning.
Copies of the proposed boundary amendment maps are available in the
Economic Development Office, 2nd Floor, City Hall, 900 Church Street,
Monday – Friday, 8:30am-5:00pm. Call (434) 455-4490 for more information.