RICHMOND (AP) – Portsmouth is one of four localities being designated as "enterprise zones" in the hopes of growing local economies, Gov. Tim Kaine announced Monday.
The others are Staunton, Prince George County, and a joint zone in Southampton County and the city of Franklin. Officials say each zone will use state and local incentives to create new jobs and promote private investment. Kaine says the program is an important tool to help distressed communities.
"With the loss of more than 1,100 jobs in the area due to the closing of International Paper, we believe the Zones will be a valuable tool for attracting new businesses to this area and supporting the expansion of existing businesses,” Kaine noted.
The program is supported through grants based on real property investment and the numbers of jobs created. For example, businesses can earn up to $200,000 during a five-year period and nearly $800 per position created, depending on the wages offered.
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