Incentives

The Board of Supervisors maintains an opportunity fund to help attract and retain targeted industries. Funds may be used for infrastructure improvements, site preparation, workforce services, and/or capital equipment purchases. A Performance Agreement is required.

Expedited permitting and site permitting fee reduction for targeted industries — reducing County plan review time by 50%, with a Project Manager in Development Services who resolves conflicts and ensures quick review.

The County owns approximately 130 acres in Innovation Park, available for sale to technology and life science companies, corporate headquarters, government contractors, and advanced manufacturing. Sale proceeds can be reinvested into the project for public infrastructure and site improvements.

Water and Sewer Availability Fee Credits reduce one-time fees and capacity charges for new connections — most useful for large water/sewer users in life sciences and advanced manufacturing. A Performance Agreement is required.

Highly competitive tax rates plus aggressive depreciation schedules: business property is generally assessed at 85% of original cost in year one, decreasing 10% each year; computer equipment depreciates from 50% (year 1) to 5% (year 5).

Industrial Revenue Bonds (IRBs) — tax-exempt for federal and Virginia income tax purposes — generally carry a lower interest rate than conventional financing for manufacturing, medical, higher education, multi-family housing, government, and 501(c)(3) facilities.

Six federally designated Opportunity Zones. Private investments in these zones are eligible for preferential tax treatment; investors can defer capital gains tax by investing in a Qualified Opportunity Fund.

Three HUBZones — two along I-95 and one close to I-66. HUBZone-certified small businesses gain preferential access to federal procurement, including sole-source contracting and a 10% price evaluation preference in open competitions.