Incentives – Shirley T. Holland Intermodal Park
Companies putting down roots in the Shirley T. Holland Intermodal Park may qualify for a number of industrial incentives.
ECONOMIC DEVELOPMENT INCENTIVE GRANT (EDIG)
The Isle of Wight County Board of Supervisors may grant qualified prospective businesses or developers a cash grant up to five years value of the machinery and tools taxes paid by the business.
The Enterprise Zone Program provides state and local grants and local tax refunds for qualifying new and existing companies and property owners that create new full-time jobs and/or new taxable investment above specific thresholds. The Isle of Wight zone includes Shirley T. Holland Intermodal Park Phase II and Phase III.
The POV Grant provides a grant to certain qualified companies, to incentivize the location of new maritime-related employment centers or expand existing centers in specified localities in order to encourage and facilitate the growth of the Port of Virginia.
The Commonwealth’s Opportunity Fund (COF) is a discretionary financial incentive established to support projects that create new jobs and investment in accordance with certain criteria established by state legislation. Grants are made at the discretion of the Governor.
The Virginia Economic Development Partnership’s Virginia Jobs Investment Program (VJIP) provides services and funding to companies creating new jobs or experiencing technological change. As a business development incentive supporting economic development since 1965, VJIP reduces the human resource development costs of new and expanding companies. With strong support from the Governor and General Assembly, VJIP is completely state-funded, demonstrating Virginia’s commitment to enhancing job opportunities for its citizens.
Funding from the Virginia Department of Agriculture and Consumer Services supports local efforts in attracting new and expanding agriculture and forestry processing/value-added facilities using Virginia grown products.
Federally designated area that enables businesses to defer, reduce or eliminate the payment of U.S. Customs duties on goods held within that zone. Phase II of the Shirley T. Holland Intermodal Park [link to Shirley T. Holland page], located east of the Town of Windsor, was designated as a Foreign Trade Zone in May 2010. Administered by the Virginia Port Authority (VPA).