- Last Updated on 07:58 AM 02/03/14
- BY The Gazette-Virginian
The Halifax County Industrial Development Authority (IDA) has distributed over $133,000 in Halifax County Enterprise Zone grants to six different businesses and industries for their capital investments made.
“These are real investments made by our strong and stable corporate partners in Halifax County,” said Matt Leonard, the authority’s executive director. “These investments broaden the county’s business and industrial tax base, generating more revenue over time which helps keep down the tax rates for our citizens.”
Enterprise Zones are allowed in select communities by the Commonwealth of Virginia. They allow localities to offer grant-backs of a portion of the increased tax revenues county’s receive when businesses and industries invest more in their community.
In any five-year period, and on average, the amount granted back is approximately 50 percent of the increased revenues received.
The authority administers the program for the county because of its close ties to the county’s industries.
“We track their needs and work to help meet them,” said Leonard. “Our existing and new industries appreciate that we appreciate them. We form long-lasting partnerships with them.
“The Enterprise Zone program is an aspect of that partnership; and part of the reason why they come to Halifax and stay and grow in Halifax. The distributions made last week went to companies that have been in Halifax County from five years to 30 years.”
“Based on the information the IDA gathered from county industries regarding near-term plans, we anticipate awards of nearly $140,000 in 2014,” said Marissa Jackson, the authority’s operations manager who will take lead on the Enterprise Zone program this year. “That’s more than 2013, and that means there’s still measurable growth.”