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Appendix 3
APPENDIX 3 - ECONOMIC Commercial Rehabilitation Property Tax
Abatement (CRPTA)
INCENTIVE PROGRAMS
CRPTA is a local incentive for the rehabilitation
of commercial and industrial buildings in
Enterprise Zone
Newport News. The incentive reduces the
The Virginia Enterprise Zone (VEZ) Program
post-rehabilitation real estate tax for 5 years.
is a state and local partnership leveraging
The amount eligible for abatement is equal
incentives to stimulate economic development
to 50% of the qualified rehabilitation costs. To
through job creation and private investment.
qualify, properties must be at least 20 years
Enterprise Zones are geographic areas
old or at least 15 years old if located within an
designated to stimulate overall economic
Enterprise Zone.
growth and neighborhood revitalization by
providing incentives to qualifying businesses
Façade Improvement Grant Program (FIG)
and real estate investors. Portions of the plan
The Façade Improvement Grant program was
area are located in Enterprise Zone #3. The city
established to encourage property owners
actively advertises, markets, and administers
to restore, sustain and improve the exterior
this program to plan area businesses, and
of properties that are at least 15 years old. FIG
multiple companies within the plan area have
provides matching grant funds to assist with
successfully applied for and received Enterprise
eligible façade improvements on properties
Zone incentives.
that are used for commercial, industrial, office
or mixed-use purposes. A total of 26 property
Tourism Zone
owners within the plan area have been awarded
The City of Newport News has four tourism zones
a total of $467, 890 since its inception in 2012.
to attract more investment in areas prioritized
in the Citywide Tourism Development Plan
Creation of Arts and Cultural Districts
and Retail Development Strategy. Portions of
The Code of Virginia § 15.2-943.1 enables localities
the plan area are in the Greater Hilton Tourism
to establish arts and cultural districts, which may
Zone. Through the Tourism Zone Program,
include tax incentives and certain regulatory
businesses seeking to attract customers from
flexibility for the district. Specifically, the tax
outside the City and meeting the minimum
incentives for each district may be provided
eligibility requirements may qualify for incentives
for up to 10 years and may include reduction
in the form of a reduction, or waiver, of Business,
of permit and user fees, reduction of any type
Professional, and Occupational License (BPOL)
of gross receipts tax, and rebate of real estate
taxes and performance grants based on tax
property taxes. A locality may also provide for
revenue from meals, lodging, admissions, and
regulatory flexibility such as special zoning for
local sales tax.
the district, a streamlined permit process reform,
and exemption from certain ordinances.
Greater Hilton Area Plan • Appendix 3 71Jump to an indexed page (80 of 80)