[HISTORY: Adopted by the Town Council of the Town of Stanley 4-8-2015. Amendments noted where applicable.]
The Virginia Enterprise Zone Act, §§ 59.1-538
through 59.1-549 of the Code of Virginia, as amended, authorizes the
establishment of an Enterprise Zone. It is the purpose of the Enterprise
Zone Act, and of this chapter, to stimulate business and industrial
growth within the area so designated as the Page County Enterprise
Zone, which includes portions of the Town of Stanley, by means of
state income tax credits, state sales tax exemptions, and local incentives
as set forth herein.
The boundaries of the Page County Enterprise Zone, which encompasses
portions of the Town of Stanley, is established on the map entitled,
"Map of the Page County Enterprise Zone," which is on file in the
Page County Office of Economic Development and Tourism, located at
101 South Court Street, Luray, Virginia. These specific areas were
established as Enterprise Zones on January 1, 2015, by the Governor
of the Commonwealth of Virginia for a period of 10 years in accordance
with the Virginia Enterprise Zone Act.
As used in this chapter, the following terms shall have the
meanings indicated:
Any corporation, partnership, electing small business corporation,
limited liability company or sole proprietorship authorized to do
business in this Commonwealth of Virginia and the Town of Stanley,
Virginia. However, a business firm does not include organizations
which are exempt from state income tax on all income except unrelated
business taxable income as defined in the Federal Internal Revenue
Code, § 512; nor does it include homeowners' associations
as defined in Federal Internal Revenue Code, § 528.
The County of Page, Virginia.
An area declared by the Governor of the Commonwealth of Virginia
to be eligible for the benefits accruing under the Virginia Enterprise
Zone Act.
A minimum of 35 hours per week of an hourly wage (or the
salaried equivalent). A single equivalent job may be represented by
one employed individual, or by multiple employed individuals whose
aggregate hours of employment (or salaried equivalent) equal 35 hours
per week.
Any business operating or located within the Enterprise Zone
on January 1, 2015, or within Page County, or the Town of Stanley,
prior to its location within the Enterprise Zone. A business which
retains the same ownership and which was operating or located within
the Enterprise Zone on January 1, 2015, or within the Town prior to
location within the Enterprise Zone, shall not be defined as a new
business, even if the name or entity (corporate or otherwise) has
changed.
A business operating within the Enterprise Zone after January
1, 2015, having had no prior business location within Page County
or the Town of Stanley.
The Town of Stanley, Virginia.
State incentives are available to eligible businesses and zone
investors who create jobs and invest in real property within the boundaries
of the Page County Enterprise Zone located in the Town of Stanley.
Eligibility for state incentives, and the application process for
obtaining incentives, shall be coordinated between Virginia Department
of Housing and Community Development and Page County's Office
of Economic Development and Tourism. These incentives are as follows:
A.
Qualification for the Job Creation Grant (JCG) is based on permanent
full-time job creation over a four-job threshold, with wage rates
at least 175% of the federal minimum wage and availability of health
insurance. Personal services, retail, food and beverage positions
are not eligible to receive job creation grants.
B.
Real Property Investment Grant (RPIG) is based on qualified investments
made to commercial, industrial, and mixed-used buildings for facilities
located within the boundaries of an Enterprise Zone. To be eligible
for the RPIG, an individual or entity must invest at least $100,000
for rehabilitation or expansion projects and at least $500,000 for
new construction projects.
Administered by Page County's Office of Economic Development
and Tourism:
A.
Capital Investment Grant (CIG). The CIG is a grant equal to 75% of
the taxes paid on net new taxable investment in machinery and tools,
business or personal property, and/or real estate, as measured by
the increase in assessment. The CIG will be delivered as a grant made
to the recipient after taxes have been paid to the Town (and/or the
county) after all eligibility requirements have been met by the recipient.
The CIG will be paid semiannually, after all taxes due have been paid
by the recipient, for a period of five years. Additional qualification
requirements:
(1)
Location in Enterprise Zone;
(2)
The creation of at least five new full-time jobs or full-time equivalent
jobs, to be maintained throughout the grant period, with an average
annual salary/wage at least equal to 85% of the most current prevailing
local wage as determined by the Virginia Employment Commission;
(3)
Net new taxable investment in machinery and tools of at least $100,000,
to be maintained throughout the grant period, to be attained within
24 months of entering into a grant performance agreement;
(4)
A net new taxable investment in business real estate of at least
$150,000, to be maintained throughout the grant period, to be obtained
within 24 months of entering into the grant performance agreement;
(5)
Payment of all taxes and fees due to the county and/or Town in a
timely manner during the grant period;
(6)
Entrance into a grant performance agreement with the Page County
Economic Development Authority, acting on behalf of the Town of Stanley;
and
(7)
Annual submission of evidence of compliance with the grant performance
agreement during the grant period.
B.
Business/Professional/Occupational License (BPOL), Local Sales Tax,
Meals and/or Lodging Tax Refund (BSMLR). The refund is a grant equal
to a percentage of new business license fees, local option sales tax,
meals and/or lodging taxes paid by the qualifying company/business
determined by the following schedule: Year 1 - 80% refund; Year 2
- 60% refund; Year 3 - 40% refund; and Years 4 and 5 - 20% refund.
The BSMLR will be paid semiannually for a period of five years after
all taxes have been paid by the recipient and amount(s) paid determined
by the Commission of Revenue or Town Treasurer. A business may qualify
for and receive the BSMLR for one grant period only during the life
of the Enterprise Zone. Additional qualification requirements:
(1)
Location in Enterprise Zone;
(2)
Creation of at least five full-time jobs (or full-time equivalent)
or ten-percent expansion of current number of jobs, whichever is greater,
to be maintained throughout grant period;
(3)
Payment of all taxes and fees due to the Town and/or county in a
timely manner during the grant period;
(4)
Submission of an annual application during the grand period; and
(5)
Annual submission of evidence of compliance with the grant performance
agreement during the grant period.
C.
Business Development Loan Program (BDLP). The BDLP provides loans
up to a maximum of $50,000 to be utilized by new or existing businesses
located in the Enterprise Zone. The BDLP is administered by Page County
Economic Development Authority (EDA), and all inquiries and applications
must be submitted to the EDA for review and approval. Additional qualification
requirements:
(1)
Creation of at least one full-time, or full-time equivalent, job;
(2)
Underwriting must be successfully completed;
(3)
Payment of all taxes and fees due to Town and/or county must be paid
in a timely manner during the loan period;
(4)
Annual submission of evidence of compliance with the terms of the
loan agreement during the loan period;
(5)
The loan must be fully collateralized.
D.
Commercial Rehabilitation Real Estate Tax Exemption (CRRETE). The
CRRETE exempts qualifying real estate assessments (QREA) from increases
in taxation by the Town and/or County for a period of between five
and 15 years. A QREA provides for tax rebates based upon the difference
between pre- and post-improvement tax assessments. Once improvements
are realized, qualifying properties are eligible for semiannual Town
and/or county real estate tax rebates for the increased assessment
amount only. Applicants may receive said rebates after all real taxes
are paid to the Town and/or county. Additional qualification requirements:
(1)
The qualifying property must be in the Enterprise Zone;
(2)
The qualifying property must be at least 15 years old;
(3)
The property must be in commercial or industrial use;
(4)
The cost of rehabilitation must be at least 40% of the property's
pre-improvement assessment prior to the commencement of rehabilitation
work with a minimum investment of no less than $50,000 as determined
by the Page County Building Official;
(5)
The property cannot be expanded more than 15% of its existing size
prior to commencement of the rehabilitation work;
(6)
Applicants must comply with all other terms and conditions of section
58.1-3221 of the Code of Virginia.
E.
Refund of Various Development Fees (RVDF). The RVDF refunds half
of the building permit, site plan and/or zoning, rezoning, zoning
variance or special use permit fees paid to the Town and/or county
by a qualifying applicant. The fees are refunded upon the successful
completion of the qualifying project. Fees related to emergency management
services (EMS), stormwater management and/or utility facility/connections
are not subject to the RVDF. Additional qualification requirements:
(1)
The qualifying project must be in the Enterprise Zone.
F.
Business Visitation Prioritization (BVP). The BVP is implemented
by Page County's Economic Development Coordinator, and may include
other professional services and resources in accordance with availability
and appropriateness. The Economic Development Coordinator will provide
consultation services to qualifying businesses to assist in resolving
issues related to conducting business. The degree and variety of services
provided will be determined by the Economic Development Coordinator
and allocated according to time and resources.
G.
HUBzone Assistance (HZA). HZA is provided by the Page County's
Economic Development Coordinator for businesses seeking HUBzone certification,
and to existing HUBzone certified businesses located in the Town and/or
county.
H.
Fast Track Development Program (FTDP). Through the FTDP, businesses
applying for rezoning and/or special use permits may request joint
hearings of the Town's Planning Commission and Town Council as
a means to expedite the process. Additional qualification requirements:
Any business firm seeking to receive local Enterprise Zone incentives
shall make application to Page County's Economic Development
Coordinator, who acts as the Enterprise Zone administrator, on forms
provided by the Page County Economic Development Authority. The Economic
Development Coordinator may require the business firm to provide documentation
establishing that said business firm has met the requirements for
the receipt of Town and/or county Enterprise Zone incentives. Failure
to provide the requested documentation shall result in a denial of
the business firm's application for local incentives. Upon approval
of any business firm application for local Enterprise Zone incentives,
the Economic Development Coordinator shall submit a written report
to the Town Manager listing the name and address of the qualifying
business firm and the local Enterprise Zone incentives for which it
is qualified. The Economic Development Coordinator may require the
business firm to provide additional documentation from time to time
to assure that said business firm retains the requisite qualifications
for the receipt of local Enterprise Zone incentives. In the event
that any business firm shall fail to maintain the requisite qualifications
for the receipt of local Enterprise Zone incentives, the Economic
Development Coordinator shall inform the business firm in writing
that it is no longer qualified for the receipt of local incentives
and shall send a copy of said notice to the Town Manager.
