Public entities, chambers of commerce or industrial development authorities
Financial
Virginia code: Article 4.2, Sections 58.1-3245.6 to
58.1-3245.11
Counties, cities and towns
703-246-6500
Uses funds allocated
by a specific percentage of the increase in commercial and residential
real estate taxes
Provides grants to industrial development authorities
to promote economic development, chambers of commerce or similar groups
or to provide enhanced
law enforcement or public services
Earmarks money specifically for economic
development
Allow counties,
cities and towns to adopt local enterprise zone development taxation
programs through which a specified
percentage of the increase in commercial and residential real estate
taxes or taxes on machinery and tools may be allocated by the jurisdiction
to a Zone Development Fund.
Tax increment can be used to:
Enhance law enforcement
or other public services
Make grants to chambers of
commerce or
similar
groups
to promote economic development
Make grants
to industrial development authorities to promote economic development
for the
enterprise zone.
Local
Enterprise Zone Development Fund