Lake Country Development Corporation will introduce new industries to the various local banks, schedule initial appointments, and coordinate any other activities needed to ensure a smooth transition.

Benefit

•  Assistance & coordination with local financial institutions

Application

Limits

•  Prospects for enterprise zone industrial parks only

A four year stimulus grant based on machinery/tools tax payments

To qualify new businesses must create a minimum of 50 full-time jobs.

Recipients of the Economic Stimulus Grant are ineligible to receive Job Grants

Effective Tax Rate (7/1/05)

$0.53/$100

Year

Amount

Year

Amount

1

100%

3

50%

2

75%

4

25%

Payment amount

•  $400 per job

Limitations on Application

•  Industries creating 15 to 50 full time jobs within 30 months

•  One-time payment made when LEZA is satisfied with certainty of the jobs creation

Businesses locating in the zone will have building permit fees waived.

Minimum job creation

•  10 full time jobs

•  Full-time jobs as defined by the Commonwealth of Virginia.

Benefit

•  Discount of 50% off the listed price of the property.

Application Limits

•  $10 million private investment

•  Creation of minimum of 100 full time jobs

•  Full-time jobs as defined by the Commonwealth of Virginia.