Title
Resolution Authorizing the City Manager to Apply to the Virginia Department of Housing and Community Development for an Amendment to the Local Incentives Being Offered in the Hampton Roads Center Enterprise Zone Pursuant to the Virginia Enterprise Zone Grant Act
Purpose
PURPOSE/BACKGROUND:
The Virginia Enterprise Zone program is a partnership between state and local government in which both parties seek to improve economic conditions within designated localities. The program is meant to complement additional local, state and federal economic development activities to create an improved climate for private sector investment and to focus limited resources on strategically targeted areas.
Discussion:
The Virginia General Assembly first established enterprise zones in 1982, and has amended those provisions from time to time since then. The Enterprise Zone Grant Act went into effect on July 1, 2005. Pursuant to that law and the accompanying administrative code (the "Regulations"), a locality's governing body my make a written application to the Virginia Department of Housing and Community Development ("DHCD") to have an area declared an enterprise zone. This state and local partnership is intended to promote economic development through job creation and real property investment, and to provide incentive for private sector investment in targeted areas throughout Virginia. The Regulations establish specific criteria and procedures for zone administration, designation, and amendment, as well as defines the eligibility criteria for businesses and investors seeking qualification for state incentives. Day-to-day administration of the designated zones is the locality's responsibility, including, but not limited to, administering, managing, and marketing. The City's Economic Development Department is responsible for that local administration.
The Hampton Roads Center Enterprise Zone consists of 2,166.6 acres and is located in the northeast quadrant of...
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