Five new VEZ designations approved

Virginia has approved the creation of five new Virginia Enterprise Zone (VEZ) designations, which provide businesses with state and local incentives.

The new zones include Bristol, Newport News and Page County. Two new regional zones were also created — one including the Galax and Carroll and Grayson counties and the other zone making up Accomack and Northampton counties.

The VEZ program, operated by the Virginia Department of Housing and Community Development, offers incentives for businesses, including the Job Creation Grant and the Real Property Investment Grant. Eligible businesses can earn up to $200,000 over five years in real property grants and up to $800 per position over five years for the job creation grant, if the jobs pay twice the federal minimum wage.

Twelve applications were submitted for the five VEZ spots available. Zones are designated for a 10-year period and may receive two five-year renewal periods.

Gov. Terry McAuliffe announced Thursday that Hampton, Hopewell, Petersburg, Bedford and Wythe County received VEZ renewals.

The VEZ program has supported more than $1 billion in investment and the creation of more than 40,000 jobs since 1995.