$ 14 Million of Real Property Investment within Lynchburg's amended Enterprise Zone

The Virginia General Assembly and the Virginia Department of Housing and Community Development approved the boundary modifications to Lynchburg's Enterprise Zone. This boundary amendment added more than four hundred commercial parcels to Lynchburg Enterprise Zone #2 and has resulted in double the number of Enterprise Zone Grant Applications for 2008.

• 2008 Total Qualified Real Property Investment (TQRPI) within Lynchburg's two Enterprise Zones is $14,605,395.51.
  • 22.6% decrease from 2007
• This TQRPI yielded grant requests of $1,560,223.02 from the State of Virginia.
  • 33.2% increase from 2007
• 23 Real Property Improvement Grant (RPIG) applications for calendar year 2008.
• 1 Job Creation Grant (JCG) application for calendar year 2008.
• 349.6 Acres / 470 Parcels were added to Lynchburg Enterprise Zone #2 during the 2008 Enterprise Zone Amendment submitted by the City of Lynchburg OED.
• Seven applications came from the newly amended Area
  • These seven applications account for $ 7,150,016.72 or 48.95% of the TQRPI.
  • These seven applications account for $ 396,117.95 or 25.39% of the grant funds requested.
• 22 applications came from EZ # 2
• 2 applications from EZ #46
• 4 applicants are in at least their 2nd year of EZ grants