Eight local businesses have received a total of $112,446 from the Halifax County Industrial Development Authority as a reward for making capital investments over the past year.
The “grant-backs” by the IDA were made to businesses and industries that operate in the Halifax County Enterprise Zone, a key tool for attracting and retaining local employers.
“We’re pleased with this year’s results,” said Matt Leonard, IDA executive director. “Through our work to expand the zone in 2014, we have been able to extend Enterprise Zone benefits to some which were not previously eligible, Huber, for example.”
The Enterprise Zone designation, which is approved by the state, allows Halifax and other Virginia communities to offer grant-backs of a portion of the increased tax revenue that a community receives when businesses and industries increase their capital investment. The IDA administers the program in Halifax County because of its direct ties to local industries.
The Enterprise Zone (EZ) is one of several programs offered to businesses in Halifax County. The IDA also manages the Halifax Opportunity Program (HOP), which is offered to companies that do not operate inside the Enterprise Zone.
The Halifax IDA worked with the Board of Supervisors last year to expand the HOP program to include agriculture and forestry companies and to align it with the Commonwealth’s Agriculture and Forestry Industries Development (AFID) fund. Halifax County also instituted a new Agriculture Opportunity Program for local farmers making smaller investments.
“Based on the initial information the IDA gathered from county industries regarding near-term plans, awards totaling up to $145,000 are possible in 2016 cycle,” said Marissa Jackson, IDA finance manager and EZ administrator.
“All of this indicates some level of stability and growth,” says Leonard. “We’re proud of the resiliency of our existing industries, and with the entrepreneurship we see in small start-up companies setting up in Halifax County.”
The companies receiving payments from the IDA are as follows:
Machinery & Tools tax grant backs:
Presto Products - $25,513
ABB - $25,043
Huber - $17,950
Sunshine Mills - $7,837
Pacific Headwear - $4,446
Annin Flagmakers - $2,779
Aquatic - $1,059
Furniture, Fixtures, & Equipment grant backs:
Fairfield Inn & Suites - $ 4,298
Utility Tax grant backs:
ABB - $16,583