Some Virginia localities are getting designated as "enterprise zones" in the hopes of growing local economies.
Gov. Timothy M. Kaine today announced four Virginia Enterprise Zone designations for Portsmouth, Staunton, Prince George County, and a joint zone in Southampton County and the city of Franklin. Officials say each zone will use state and local incentives to create new jobs and promote private investment.
Kaine says the program is an important tool to help distressed communities.
The program is supported through grants based on real property investment and the numbers of jobs created. For example, businesses can earn up to $200,000 during a five-year period and nearly $800 per position created, depending on the wages offered.
-- The Associated Press
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