Four new enterprise zones created

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Gov. Timothy M. Kaine announced Monday the creation of four Virginia Enterprise Zone designations that offer incentives for business investment.

The four new zones will be located in Portsmouth, Staunton, Prince George County and a joint zone in Southampton County/City of Franklin.

“The Enterprise Zone program is an important economic development tool in bringing investment and jobs to Virginia’s distressed communities,” Kaine said in a statement. “With the loss of more than 1,100 jobs in the area due to the closing of International Paper, we believe the zones will be a valuable tool for attracting new businesses to this area and supporting the expansion of existing businesses.”

The Virginia Enterprise Zone program encourages investment through grants based on real property investment and the numbers of jobs created. Businesses can earn up to $200,000 during a five-year period for property investment, and up to $800 per position created, depending on wages offered.

The zones will be effective Jan. 1.

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