Local Incentives & Enterprise Zones
LOCAL ENTERPRISE ZONE INCENTIVES
Industrial Real Estate Discount
- 50% discount off the listed price of any property located in the EZ that is owned by the IDA.
- Minimum of $2M investment and minimum of 25 new FT jobs.
Economic Stimulus Grant
- Grant based on the machinery and tools tax paid by new or expanding industry.
- This grant is based on the first $5M of assessed tax value, paid out accordingly: 100% year 1, 75% year 2, 50% year 3 and final pay out of 25% in year 4.
- Minimum of 25 new FT jobs
Industrial Jobs Grant
- Payment of $400 for each permanent FT job created by a new or expanding industry, not to exceed $20,000.
- This is a one-time payment. Minimum of 15 (up to 50) FT jobs.
- Not eligible if using the Economic Stimulus Grant.
Waiver of Building Permit Fees
- For new or expanding industries (min. of 10 FT jobs)
LOCAL NON-ENTERPRISE ZONE INCENTIVES
Low tax rates
- Real estate taxes in Mecklenburg County are among the lowest in the Commonwealth of Virginia.
Technology or Industry Inducements
- Threshold 5 jobs.
- Technology NAICS Codes 517-518 Information: Inducement 50% of Personal Property Tax.
- Industry NAICS Codes 31 – 33 Manufacturing, 493 Warehousing: Inducement 100% of Machinery & Tools Tax
- One-time payment of $400 per new job created to new or expanding industry, 5 jobs mininum.
- Total limit $20,000.
- Industry NAICS Codes covered are 31-33 Manufacturing, 493 Warehousing and 517-518 Technology Information.