On a case-by-case basis, Gloucester 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, Gloucester 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.
Forms of Incentives
Typically, Gloucester 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:
- Public Private Partnership Fund
- Site Acquisition Assistance
- Site Preparation Assistance
- Utility Extension / Connection Fee Consideration
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, Gloucester County targets light manufacturing, information technology, and service industries with above-average wage rates. The program is administered by the Gloucester County Economic Development Department.