Investment Incentives

Commonwealth’s Opportunity Fund

Discretionary funds available to the Governor to secure a business location or expansion project for Virginia. Grants are awarded to localities on a local matching basis with the expectation that the grant will result in a favorable location decision for the Commonwealth.

Virginia Investment Partnership (VIP)

The Virginia Investment Partnership (VIP) Grant and the Major Eligible Employer Grant (MEE) are discretionary performance incentives designed to encourage continued capital investment by Virginia companies, resulting in added capacity, modernization, increased productivity, or the creation, development and utilization of advanced technology.

Virginia Economic Development Incentive Grant (VEDIG)

The Virginia Economic Development Incentive Grant (VEDIG) is a discretionary performance incentive, designed to assist and encourage companies to invest and create new employment opportunities by locating significant headquarters, administrative or service sector operations in Virginia.

Virginia Voluntary Remediation Program (VRP) & Brownfields

The Virginia Voluntary Remediation Program (VRP) and Brownfields allow the City of Chesapeake to exempt, or partially exempt environmental restoration sites from local taxation annually for a period not in excess of five years. An environmental restoration site is real estate which contains or has previously contained environmental contamination, the restoration must diminish or prevent pollution to the atmosphere or waters of the Commonwealth of Virginia.

Virginia Small Business Financing Authority (VSBFA) 

The Virginia Small Business Financing Authority (VSBFA) offers programs to provide businesses with access to capital needed for growth and expansion.

Property Tax Exemptions

Virginia does not tax intangible property, manufacturers’ inventory, and manufacturers’ furniture, fixtures and corporate aircraft.

Sales & Use Tax Exemptions

Virginia offers some of the broadest sales and use tax exemptions in the U.S.

The Incentive Process

Chesapeake Economic Development guides qualified companies through a simple application process. Our staff is dedicated to bring investment and quality jobs to Chesapeake.

How To Apply

Please contact us to further explore possible incentives for your project.

View the Questionnaire to determine what information will be needed to qualify for incentives.

The Steps

  • Company submits application

  • CED qualifies project

  • Incentive offer letter sent to company

  • EDA & City Council adopt resolution

  • Company & City sign Development Agreement

  • Disbursement of Funds

More Data

Data Center

Use interactive mapping to learn more about Chesapeake.