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City of Richmond Incentive Programs

 

Mayor's Opportunity Fund

The Mayor's Opportunity Fund is a discretionary incentive available by the Mayor's Office to secure a business location or expansion project in the city of Richmond. Grants are awarded as a match to the Commonwealth of Virginia's Governor's Opportunity Fund with the expectation that the grant will result in a favorable location decision for the city of Richmond. 

Brownfields Program

The City of Richmond was recently selected for funding under the USEPA Brownfields Grant program for a Community-Wide Brownfields Coalition Assessment Grant totaling $600,000 to conduct environmental site assessments and related activities throughout the greater Richmond region.   

Our coalition partners, Henrico County, and project: HOMES, a non-profit organization focused on safe and affordable housing throughout Central Virginia, are excited to share this opportunity to emphasize revitalization efforts in our communities.

Further information about this grant is forthcoming. Click here to view a success video.

Tax Abatement Incentive Program 

The City offers partial exemption from real estate taxes for qualifying rehabilitated and replaced structures. Learn more.

Commercial Area Revitalization Effort (CARE) Program 

The Commercial Area Revitalization Effort (CARE) Program offers rebate assistance to eligible businesses and commercial property owners within the City of Richmond. The program provides rebates for the rehabilitation of commercial space that include security improvements, exterior rehabilitation, interior rehabilitation, and water lateral/sprinkler system investments. New construction is not eligible.

Designated CARE areas:

  • Brookland Park Boulevard      
  • Fulton Hill
  • Hull Street   
  • Jackson Ward
  • Jefferson Davis
  • Lombardy/Chamberlayne 
  • Meadowbridge Road
  • Midlothian Turnpike 
  • North 25th Street
  • North Avenue
  • Shockoe Bottom
  • Swansboro

To view the CARE brochure, click here

 

 

Local Enterprise Zone Program

The City of Richmond's Department of Economic Development offers a set of local Enterprise Zone incentives for qualified commercial and industrial users. These incentives complement and expand on the State of Virginia's Enterprise Zone Program. Below is a list of all incentives. All incentives are subject to the availability of funds.

On a local level, qualified commercial and industrial users within the City’s two (2) Enterprise Zones may be eligible for one or more incentives based on specific eligibility criteria. There are seven (7) local Enterprise Zone incentives.

Real Estate Tax Abatement: A ten-year real estate tax abatement with seven full years and a three year reduced tax relief incentive. Applications must be submitted to Room 110 of City Hall, 900 East Broad Street. Learn more.

Brownfields RebateOne-time rebate for combined Phase 1/Phase II environmental Site Assessment with a maximum of $3,500 (combination) and $7,500 (Phase II only). Site Assessments must meet EPA standards.

Machinery & Equipment Rebate: A 50% rebate toward the purchase of new or used specialized machinery or equipment up to a maximum of $5,000. The applicant must apply within nine (9) months of the qualified purchase.

Employment Assistance Grant: A grant equivalent to $400 per new eligible permanent position up to a maximum of $7,500 every two years to be provided to a new or expanded business. Positions must have a wage equal to 1.5 times the Federal minimum wage or higher.

Loan Fee Rebate: A one-time award covering incurred loan financing fees up to a maximum of $1,000. Private, Federal, and State loan sources are eligible; city-originated loan programs are exempt. Applications are due within nine months of the closing date.

Business Relocation Rebate: A one-time award reimbursement equivalent to 50% of eligible expenditures up to a maximum of $10,000. The incentive must be applied for within nine months of the move-in date.

Development Fee Rebate: A one-time permit fee rebate for permits associated with the renovation or construction of commercial and industrial facilities dollar for dollar up to a maximum of $3,000. A minimum of $20,000 must be invested in the rehabilitated or new structure within the past 12 months. Applicant must apply within nine (9) months of obtaining the Certificate of Occupancy or equivalent documents.

To view the Enterprise Zone brochure, click here

 

 

Additional Incentive Programs

 

State Enterprise Zone Program

The Virginia Enterprise Zone (VEZ) program is a partnership between state and local government that encourages job creation and private investment. VEZ accomplishes this by designating Enterprise Zones throughout the state and providing two grant-based incentives, the Job Creation Grant (JCG) and the Real Property Investment Grant (RPIG), to qualified investors and job creators within those zones, while the locality provides local incentives. Additional Information can be found here. 

To view a list of zones, see the VEZ map

To access the online applications, see the VEZ submission system.

For application assistance, view the Virginia Enterprise Zone (VEZ) Webinar or the Virginia Enterprise Zone Job Creation Grant (JCG) Webinar

Commonwealth of Virginia Incentives

Designed to target the needs of the company and the development plans of localities and the state, Virginia offers a variety of performance-based incentives. Click here to view the full listing of incentives offered by the Commonwealth of Virginia.

Mayor's Opportunity Fund (MOF)

The Mayor's Opportunity Fund is a discretionary incentive available by the Mayor's Office to secure a business location or expansion project in the city of Richmond. Grants are awarded as a match to the Commonwealth of Virginia's Governor's Opportunity Fund with the expectation that the grant will result in a favorable location decision for the city of Richmond.