Chesapeake offers various performance-based incentives for new and expanding companies, including our Economic Development Investment Program (EDIP) grants, Foreign Trade Zone cost savings, and tax exemption opportunities for local business licenses and environmental restoration sites.
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.
As a discretionary incentive the EDIP amount is negotiated and based upon the merits of the project.
20 Companies involved in international trade can leverage nearly 1,000 acres of industrial property located in Chesapeake, VA, within Foreign Trade Zone 20 – now one of the largest in the United States at 10,000 acres.
Foreign Trade Zones allow businesses to import, store and process goods and raw materials duty free until they leave the zone for domestic consumption. Companies receive a cost savings by delaying payment of duties or by assembling goods that have a lower duty payment than the sum of their parts. Both the City of Chesapeake and the Port of Hampton Roads are committed to increasing the import/export and manufacturing activities within Foreign Trade Zone 20. The Virginia Port Authority serves as the grantee of this zone. Visit the Virginia Port Authority’s site for more information on Foreign Trade Zone 20.
The Chesapeake City Code provides a temporary exemption from the Business License Tax for qualifying businesses newly locating in the City.
Allows 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.
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.