Incentives for Qualified Projects
On a case-by-case basis, Roanoke County considers incentives for qualified projects. The value of these incentives depends upon the total investment (land, building, equipment), tax revenue generation, and new job creation numbers estimated for the project.
After considering the project scope, Roanoke County will customize an incentive proposal for a new or expanding business. The County will also assist with obtaining participation from the Commonwealth of Virginia, which can often further assist the company in areas such as workforce training, site improvement, construction of industrial roads, or railroad access.
Types of Incentives
Typically, Roanoke County incentives come in the form of direct grants to the company or public infrastructure improvements, as may be necessary for a particular project or site. Most incentive offerings are based on the performance of the company, and are solidified by performance agreements memorializing the commitment of both parties. Examples, on a case-by-case basis can include:
- Public Private Partnership Fund
- Site Acquisition Assistance
- Site Preparation Assistance
- Utility Extension / Connection Fee Consideration
Using established guidelines based on capital investment and job creation, local funds are available to offset direct site and building expenditures required by a proposed project that meet certain minimum criteria. Grants can include an amount up to 36 months of qualified local tax revenue. Specifically, Roanoke County targets manufacturing, information technology, and service industries with above-average wage rates. The program is administered by the Roanoke County Economic Development Department.
Other incentives are listed on this page.
Roanoke County's Technology Zones are located within the Roanoke County Center for Research and Technology (CRT) and the Vinton Business Center (VBC). Designed to promote the success of technology-based businesses, Roanoke County's Technology Zones provide regulatory flexibility, while seeking to accommodate the requirements of emerging companies.
Change of Use Grant
To Change of Use Grant is intended to offset increased costs related to a change of use of an existing residential structure from residential to commercial; to be applied in all areas of Roanoke County and the Town of Vinton that are zoned for commercial or industrial activity.
Commercial Corridor Grant Program
The purpose of the Commercial Corridor Grant Program is to encourage site improvements to business properties along commercial corridors in Roanoke County. This is accomplished through a matching grant program, providing grants ranging from $500 to $15,000, for beautification projects that are undertaken in accordance with established design guidelines.
For more information concerning the program, contact the Planning Division of the Department of Community Development at 540-772-2065.
Commonwealth's Opportunity Fund & Other State Incentives
Visit our Virginia Incentives page for more information.
Property Tax incentives
Virginia and the local government of Roanoke County do not tax intangible personal property, manufacturers' inventory, manufacturers' furniture, fixtures or corporate aircraft. There is also no unitary tax on worldwide profits, and no state tax on real estate or tangible property.
Browse financing resources on our Financing Incentives page.
Appalachian Power Commercial & Industrial Program
The Appalachian Power Commercial and Industrial Program (PDF) helps non-residential customers implement standard energy efficiency projects through financial incentives to offset project costs. Rebates are calculated based on 5 cents per kilowatt hour saved annually, and are contingent on the review and acceptance of savings claims. Energy-efficient projects including lighting and variable frequency drives are eligible for the rebates, and each has its own rebate worksheet.
The New Markets Tax Credit Program
The New Markets Tax Credit Program (NMTC) helps economically distressed communities attract private capital by providing investors with a Federal tax credit. Investments made through the NMTC Program are used to finance businesses, breathing new life into neglected, underserved, low-income communities.