March 27th, 2017

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Frequently Asked Questions

about Buena Vista’s Technology Zone

 

 

 

Frequently Asked Questions (FAQs)

 

Q. What is a Technology Zone?

A. A Technology Zone is a mechanism to spur Economic Development in various businesses deemed to be technology related.

 

Q. Does the State law allow Technology Zones?

A. Yes. Virginia Section 58.1-3850 gives localities the ability to create Technology Zones and offer various incentives. Such incentives include: a reduction of user and permit fees, local tax incentives, special zoning treatment, exemption from local ordinances or other incentives adopted by ordinance.

 

Q. Is this a “land-use” plan?

A. No. A Technology Zone is a tax incentive zone. All land-use plans and zoning requirements still apply.

 

Q. Where and what type of Technology Zones will we offer?

A. Buena Vista will have two separate Technology Zones with different requirements for each. Zone One will be located downtown (see attached map) and is for small businesses. Zone Two is designated Industrial and includes all businesses located on land currently zoned Industrial.

 

Q. What incentives are we offering?

A. Qualifying businesses located within the Technology Zones will receive rebates on building & zoning permits, business personal property, machinery and tools tax, water & sewer connections, utility taxes, and business and professional taxes according to the following schedule:

 

• Year 1 – 50%

• Year 2 – 50%

• Year 3 – 50%

• Year 4 – 50%

• Year 5 – 50%