Virginia's new enterprise zones

Virginia Business
November 2005

Situated between Roanoke and Lynchburg, Bedford is often passed over by companies looking for incentives to help finance their relocation or expansion. Unlike its neighbors, this historic city near the Peaks of Otter never had a state-authorized enterprise zone — until now.

In September, Bedford became one of six localities approved under Virginia’s newly restructured Enterprise Zone program. The others are Hampton, Hopewell, Peters-burg, Lee County and Wythe County. “We think it will really level the playing field for us, says Elizabeth Berry-Mosley, Bedford’s economic development manager.

New rules about enterprise zones, passed by the legislature this year, now apply. Instead of getting refundable corporate tax credits, companies that put down roots in the new zones will now receive cash grants as incentives. The money has to be used to create permanent, full-time jobs or to invest in improvements in buildings or property.