On a case-by-case basis, Roanoke County considers incentives for qualified projects. The value of these incentives depends upon the total investment (land, building, equipment), tax revenue generation, and new job creation numbers estimated for the project.
After considering the project scope, Roanoke County will customize an incentive proposal for a new or expanding business. The County will also assist with obtaining participation from the Commonwealth of Virginia, which can often further assist the company in areas such as workforce training, site improvement, construction of industrial roads, or railroad access.
Typically, Roanoke County incentives come in the form of direct grants to the company or public infrastructure improvements, as may be necessary for a particular project or site. Most incentive offerings are based on the performance of the company, and are solidified by performance agreements memorializing the commitment of both parties. Examples, on a case-by-case basis, can include:
Center for Research and Technology - Technology Zone
The Technology Zone is located within Roanoke County's Center for Research and Technology. Designed to promote the success of technology-based businesses, Roanoke County's Technology Zone provides regulatory flexibility, while seeking to accommodate the requirements of emerging companies.
Zone Incentives
A host of incentives are available to companies locating within the Technology Zone. Companies may be eligible to receive:
Additional incentives may include:
Incentives are based upon the level of employment and investment generated by the company and are available to companies who meet the minimum eligibility criteria.
Qualified Tech Business
Eligibility Requirements
A qualified Technology Business is a company that derives its gross receipts from research, development, manufacture or rendering of advanced technological products or services, having a minimum total capital investment of $100,000 within a technology zone and having an average wage scale for employees within the technology zone equal to one and one-half times the existing median wage rate for the Roanoke region.
Industrial Access Road Funds
Sponsored by the Virginia Department of Transportation, the Economic Development Access Program assists in constructing industrial access roads to sites for industries involved in manufacturing or processing. The funds may also be used to improve existing roads in the secondary highway system and city streets to handle additional traffic generated by either an industrial expansion or new plant location.
Industrial Rail Access Funds
Rail lines may be constructed to sites not currently served by rail through the Virginia Department of Rail and Public Transportation-sponsored Industrial Access Railroad Tracks Program. Funds may be used to construct, reconstruct, or improve part or all of the necessary tracks and related facilities on public or private property.
Low-Cost Financing
The Virginia Economic Development Loan Fund, the Virginia Loan Guaranty Program, Tax-exempt Industrial Development Bonds, the Virginia Capital Access Program, etc. are a few of the in-state options available.
Property Tax Incentives
Virginia and the local government of Roanoke County do not tax intangible personal property, manufacturers' inventory, manufacturers' furniture, fixtures or corporate aircraft. There is also no unitary tax on worldwide profits, and no state tax on real estate or tangible property.
Governor's Opportunity Fund
The Governor's Opportunity Fund is a one-time grant for qualifying projects can be awarded to support industrial development in communities throughout Virginia. Grants are committed toward site-specific improvements, and are based on the employment and investment levels generated by each individual project.
Economic Development Investment Fund
Using established guidelines based on capital investment and job creation, local funds are available to offset direct site and building expenditures required by a proposed project that meet certain minimum criteria. Grants can include an amount up to 36 months of qualified local tax revenue. Specifically, Roanoke County targets manufacturing, information technology, and service industries with above-average wage rates. The program is administered by the Roanoke County Economic Development Department. Sites and buildings are priced at an attractive rate, significantly below the national average cost of comparable sites and buildings.
Community Development Block Grants
The State CDBG program is for cities and towns in Virginia with populations under 50,000 and counties with populations under 200,000, Community Development Block Grants are available to support local economic development. Funds may be used for off-site activities, such as utility line extensions, and for on-site activities such as site preparation, land purchase, building construction, etc.
Virginia Investment Partnership Grant Fund
The Virginia Investment Partnership Grant Fund is a discretionary investment performance grant program for existing Virginia manufacturers, research and development services supporting manufacturing, and large basic employers. The program is targeted to companies that have operated in Virginia for at least five years, which are proposing expansion projects meeting certain criteria. For additional information, including guidelines and application information, please contact: Virginia Economic Development Partnership, P.O. Box 798 Richmond, Virginia 23218-0798 (804) 545-5610 www.YesVirginia.org
The Virginia Jobs Investment Program (VJIP)
This program is administered by the Virginia Department of Business Assistance. The Virginia Jobs Investment Program is an economic development incentive supporting the creation of new jobs and investment throughout the Commonwealth. The program offsets the recruiting and training costs of new and expanding companies by providing customized services and funding to qualifying companies that are creating new jobs or experiencing technological change. The program specifically addresses the top concern of existing businesses as well as economic development prospects -- finding and developing a skilled workforce.
Established in 1965, VJIP is the second oldest economic development incentive in Virginia and one of the most frequently utilized economic development incentives used to encourage existing companies to expand and attract new businesses to Virginia.
Commercial Corridor Grant Program
The purpose of this program is to encourage site improvements to business properties along commercial corridors in Roanoke County. This is accomplished through a matching grant program, providing grants ranging from $500 to $15,000, for beautification projects that are undertaken in accordance with established design guidelines.
For more information concerning the Commercial Corridor Grant Program, contact the Planning Division of the Department of Community Development at (540) 772-2065.
Tax Incentives
Property Tax Incentives
Virginia and the local government of Roanoke County do not tax intangible personal property, manufacturers' inventory, manufacturers' furniture, fixtures or corporate aircraft, There is also no unitary tax on worldwide profits, and no state tax on real estate or tangible property.