A new zoning ordinance has been approved in Poquoson City, Virginia, in an attempt to attract technology businesses to the area.
Officials voted to create a technology zone in the city, which will offer incentives to business, the Daily Press reported.
The new zone will comprise all of Poquoson’s village commercial, research, development and general commercial zoning districts.
Portions of the B-1 office and professional zoning district and the B-2 business and commercial zoning district will also be included.
Among those incentives offered to businesses in the zone in a 30 per cent reduction on business license, real estate and business tangible taxes for a period of three years.
According to the city, a technology business will be defined as a designer or developer of computer hardware or software, a producer of multimedia products, or those who develop technology for healthcare, security, defense or alternative energy.
To qualify for the incentives, a company must have a minimum of five employees, make a capital investment of $500,000 and a have a 5,000-square-foot owner occupied premises.
Attracting technology business to the area will be a big boost for the city’s economy and growth prospects.