INCENTIVES FOR BUSINESS LOCATION AND EXPANSION

The City offers a variety of services to new and existing businesses, chiefly through the Department of Development. These include programs of financial, information and technical assistance. A successful Business Visitation Program keeps the Business Retention Coordinator in touch with local managers and CEOs through visits and roundtable events, to talk about ways that the City can help them succeed. Managers have a chance to find out about programs that the City offers and to discuss common concerns. The Development Department is ready to help new and expanding businesses select the right location in Newport News. The following are incentives available to new and expanding businesses:

• Enterprise Zones

• Technology Zone

• HUBZone

• Commercial Rehabilitation Property Tax Abatement

• Residential Property Tax Abatement

• Low-Interest Business Loans and Grants

• Industrial Revenue Bonds

• State Incentives