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Staunton is one of four communities earning new enterprise-zone designations from the state today, Gov. Tim Kaine’s office has announced.
The designations give Staunton the ability to use a package of local and state incentives to promote private investment and create new jobs and economic opportunities.
“We have benefitted significantly in terms of job creation and private capital investment from the previous Staunton enterprise zone that lasted from 1990 through the end of this month,” said Staunton Mayor Lacy King, noting the activity in the past five years in the enterprise zone in Staunton that led to the creation of more than 400 jobs and more than $35 million in private investment in the Staunton economy.
The new enterprise zone will cover an area including downtown and Newtown, the Greenville Avenue business corridor, the Green Hills Industry and Technology Park and other key commercial areas of the city.
“We expect to make a seamless transition to the new zone and look forward to 10 more years of the availability of state and local incentives for businesses locating or expanding in the Staunton zone,” King said today.
Enterprise-zone administrator Amanda Glover and Staunton Creative Community Fund executive director Meghan Williamson led the city effort related to the new zone designation. Williamson had led a similar effort in Waynesboro during her tenure there as economic-development director.
“It’s another good reason for businesses to consider Staunton for a location or expansion,” said Glover. “When you consider the Enterprise Zone incentives, together with small business loans from the Staunton Creative Community Fund, federal and state historic tax credits for historic building rehabilitation, and federal Work Opportunity Tax Credits for hiring Staunton residents, you see a business friendly jurisdiction that is working to lower the cost of doing business in Staunton.”
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