The Phoebus master plan
The Phoebus master plan
There are wide range of federal, state and local incentives available to help make your Phoebus business a success.
The Downtown Hampton and Phoebus retail incentive grant program is designed to provide financial assistance to retail property owners and retail business owners located within the Downtown Hampton and Phoebus master plan areas. The purpose of this program is to increase the retail presence and sales in Downtown Hampton and Phoebus by providing incentives designed to attract and retain quality retail businesses.
The City of Hampton has a federally designated historically underutilized business (HUB) zone which includes much of Phoebus, Downtown Hampton, Copeland Industrial Park and sections of the Coliseum Central area. The Small Business Administration manages this program and areas are designated based on poverty and unemployment criteria.
The City of Hampton is in close proximity to foreign trade zone (FTZ) #20 and is the general purpose zone for the region. Companies that import raw materials and then export much of the finished product can greatly benefit from the FTZ designation.
The grant component is designed to stimulate capital investment and job creation paying quality wage rates, stimulate the redevelopment of under-utilized and deteriorated commercial and industrial properties in Hampton, and other activities that are linked to the expansion, retention and attraction of businesses in Hampton.
The program is designed aid small Hampton manufacturers primarily engaged in manufacturing, prototyping, design and/or development of commodities by encouraging them to seek improvements in production, productivity and competitiveness.
The Port of Virginia offers a variety of tax incentive programs including the port volume increase tax credit, barge and rail usage tax credit, and the international trade facility tax credit.
Commercial and industrial structures that are 25 years or older are eligible for a six-year exemption of the increased assessed value of the property after a substantial rehabilitation. The exemption commences on the first taxable year following completion at a rate of 100 percent of the increased assessed value for the first three years and 50 percent for the remaining three years. For a property to be considered substantially rehabilitated, the value of the structure has to be increased by at least 60 percent without increasing the total square footage by more than 25 percent.
Within Hampton are the Hampton Roads Center and the Hampton Urban enterprise zones designated by the Commonwealth. Two state incentives are available to existing and new businesses to aid the expansion and relocation of facilities.
The program is designed to stimulate economic growth and neighborhood revitalization by encouraging businesses to expand, relocate, or start new operations within Hampton’s designated enterprise zone boundaries.
Loan programs include the Hampton business assistance program /revolving loan and grant fund, Hampton industrial revenue bonds and the Peninsula revolving loan fund.