On the first of January, Chesterfield County will lose its enterprise zones.
An enterprise zone is a designated area, typically needing revitalization or an industrial area needing quality businesses. Fees and permits are waved in these areas.
The enterprise zones are 10 years in length and the Jefferson Davis zone and its little sister zone on Hull Street were approved by the state in 1994.
An enterprise zone approved in 1996 will expire on Midlothian Turnpike and its sibling Meadowdale Meadowbrook in 2016.
But don’t fret. Chesterfield County has made arrangements to replace these enterprise zones with “Technology Zones.”
According to Chesterfield Economic Development background, “the General Assembly recently adopted a new code, which allows localities to establish, by ordinance, technology zones authorize localities to grant incentives and regulatory flexibility to businesses locating in technology zones. These are identical to what is authorized for businesses locating in enterprise zones, provided that the benefits allowed in technology zones may not extend beyond a 10 year period.”