The South Norfolk business district, or “SoNo,” is Chesapeake’s urban neighborhood. The community is lined with historic buildings and homes and blessed with excellent access to major interstates, the South Norfolk Jordan Bridge, and Chesapeake’s working waterfront.
The HUBZone Empowerment Contracting program was enacted into law as part of the Small Business Reauthorization Act of 1997. The program falls under the auspices of the U.S. Small Business Administration.
The program encourages economic development in historically underutilized business zones – “HUBZones” – through the establishment of preferences. SBA’s HUBZone program is in line with the efforts of both the Administration and Congress to promote economic development and employment growth in distressed areas by providing access to more federal contracting opportunities.
In October 2010, the Chesapeake City Council approved an ordinance to designate the South Norfolk Borough of Chesapeake as a technology zone. This technology zone acts as an overlay district and offers incentives to a new or existing business located within the designated area. For more information regarding the South Norfolk Technology Zone contact the City of Chesapeake Economic Development Department at (757) 382-8040.
The South Norfolk Revitalization District authorizes the City to offer a partial exemption from taxation of real estate for buildings and structures no less than 20 years of age that have undergone substantial rehabilitation, renovation, or replacement for commercial or industrial use. This partial real estate tax exemption will stimulate the improvement of commercial and industrial properties of South Norfolk. Such improvements will not only enhance the character of the business community but also increase the tax base of the South Norfolk Revitalization District. These new revenues will be returned to the district in the form of public improvements and investments.
South Norfolk has two Opportunity Zones, which allow investors to receive tax benefits on currently unrealized gains by investing those gains in the qualified census tracts.
Chesapeake Economic Development guides qualified companies through a simple application process. Our staff is dedicated to bring investment and quality jobs to Chesapeake.
Please contact us to further explore possible incentives for your project.