City of Suffolk Virginia, Department of Economic Development provides site location, business consultation, and marketing research assistance to new and expanding companies.
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Incentives


Technology Zone

In accordance with Virginia Code, as approved by City Council, the City of Suffolk has created a specialized incentive zone for expanding and newly located technology companies.

Program Benefits

  • A one year 50% return on paid Business License Tax, not to exceed $30,000
  • A one year 50% return on paid Personal Property Tax, not to exceed $20,000

 

Eligibility Requirements:                                                                 Lockheed Martin

  • The Suffolk operation must be a technology business per one of the following North American Industry Classification System classifications:  334, 5112, 517, 518, 51913, 5415, 5417, or 8112
  • The Suffolk Operation must be located in the Northern Suffolk Urban/Suburban Development District or Central Urban/Suburban Development District
  • A new Suffolk location must occupy a minimum of 2,500 sq. ft. of commercial space; no home based businesses
  • Existing Suffolk Operation must expand by  a minimum of 2,500 sq. ft. or 10% of existing space, whichever is greater; no home based businesses
  • The Company must have a minimum of 5 employees based out of the Suffolk location to qualify.

 

 

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