Economic Development Investment Program (EDIP)
The City of Chesapeake has established an Economic Development Investment Program (EDIP) to promote committed investment partnerships between the City and its business community. Based on job creation, wages and company investment, the program offers Economic Development Grants to qualifying companies seeking either to locate a new facility to Chesapeake, or to expand an existing operation within the City. These grants are provided directly to the company for use at their discretion, and normally paid out over a 36 month period. The first payment is usually paid 12 months following issuance of a certificate of occupancy. Companies may be eligible for additional grants to assist with future expansions.
The program is geared toward targeted industries that are technologically innovative, provide a strong potential for sustained growth, offer high quality jobs for their employees, help to maintain the diversity of the City’s economy while complementing the City’s strengths and goals, and enhance the City’s business image.
To qualify, a company with 50 or more employees must:
- Be on the City’s targeted industry list.
- Invest at least $5 million or create a minimum of 50 new jobs within thirty-six (36) months of beginning operations.
- Demonstrate financial stability and future growth potential.
A company with 50 or less employees must:
- Invest at least $500,000 and create 5 jobs within thirty-six (36) months of beginning operations.
- Have been in business for at least three (3) years.
As a discretionary incentive the EDIP amount is negotiated and based upon the merits of the project.