New Kent County approaches the issue of business incentives with the firm understanding that they not only have a role in economic development, but that they are but one of many components needed for success. Our natural advantages and business friendly policies and practices, along with those of the Commonwealth, are the fundamental, long-term factors in the business location decision.
To encourage development of new businesses and the expansion of existing businesses, New Kent has formally adopted a policy to utilize incentives including grants as well as permit expenses and fee forgiveness. The incentive programs are managed by the New Kent County Economic Development Authority and are guided by these principles:
- Expansion of the tax base is the primary reason for the utilization of business development incentives.
- Incentives may be available to both new business and the expansion of existing business.
- To qualify for incentives, projects must be consistent with the development goals of the County as found in the Comprehensive Land Use Plan and other official documents and policies of the County.
- Diversification of the economic base is a particularly important consideration.
- Incentives must make economic sense to both the County and the business receiving the assistance.
- Incentives are performance based.
- Additionally, incentives offered by Virginia may be available and the County will assist in their utilization and apply for those that are appropriate.