Newport News offers a business-friendly environment in a business-friendly state. The Newport News city government is pro-business and supports an aggressive Economic/Industrial Development Authority that promotes thoughtful growth by fostering highest-and-best-use development throughout the City. A variety of local and state incentives are available to qualifying businesses that expand employment and/or make significant taxable investments in Newport News.

The Newport News Economic/Industrial Development Authority is aggressive and innovative in its efforts to attract quality companies to Newport News. Incentives are structured to be commensurate with what a company is bringing to the City in terms of capital investment and high-paying jobs. The local Relocation/Expansion Cost Reduction Enterprise Zone Incentive is the primary vehicle through which the Authority delivers incentives. However, the Authority is not necessarily limited to particular incentive structures and is willing to implement new incentives that create a win-win situation for the company and the City.

The Economic/Industrial Development Authority is willing to construct facilities built to suit the needs of a manufacturing, research or information-based company for long-term lease. The Authority currently holds a portfolio worth more than $150 million including 1.5 million square feet of industrial and office space, plus eight parking garages. Tax-exempt and taxable Industrial Revenue Bond financing is available through the Authority to finance real estate and machinery/equipment needs. The Authority has experienced financial experts on its staff that can assist a company in obtaining the best possible financing for a major facility in Newport News.

While many of the incentives available from the City and the Economic/Industrial Development Authority support the expansion of small businesses, the Relocation/Expansion Cost Reduction Enterprise Zone Incentive is designed to attract new companies and assist existing companies with projects that will have a major economic impact on the City. This incentive is targeted toward firms in advanced and capital-intensive manufacturing, corporate offices and technology-driven companies.

Other local incentives include:

• Virginia Enterprise Zones, providing state and local tax abatements and grants;

• a federally-designated HUBZone offering expanded federal contracting opportunities;

• the Commercial Rehabilitation Property Tax Abatement program; and

• a variety of low-interest loan programs.