Goochland County Targeted Business Incentive

Purpose: 

The Goochland County Targeted Business Incentive (GCTBI) is created to encourage beneficial business development in targeted industries of the County. GCTBI is in the form of a rebate of yearly taxes paid to the County from the Grantee once it meets agreed upon performance investment goals. This incentive will not be combined with other County incentives unless an exception granted by the Board of Supervisors and the Economic Development Authority (the "Authority"). The GCTBI can be used to satisfy any financial match required by governmental grant programs outside of the County and the Authority.

All applications for the GCTBI must have a return on investment (ROI) calculation that shows a clear increase in taxable value between existing assessment and value after final investment completed prior to consideration by the Board of Supervisors and the Authority. The ROI analysis will be used to determine the amount of incentive awarded to the Applicant and must show a positive economic impact for the County. No incentive amount will exceed the amount actually paid to the County in taxes. Eligible investment can include land purchase, site construction costs, infrastructure improvements (water, sewer, road construction), building construction costs, furniture and fixtures, and equipment costs. 

Eligibility:

To be eligible, the Applicant must invest a minimum of $5 million and the Applicant must be engaged in one or more of the following industries:

  • Manufacturing: Defined by appropriate NAICS code.
  • General Office: Business looking to add or expand its office footprint.
  • Service Sector: Activities where people offer their knowledge and time to improve productivity, performance, potential, and sustainability. (Examples include education, finance, communications, health care, utilities, wholesale trade, and transportation.)
  • Research and Development: Conducting research, development or testing for scientific, medical, food product or industrial purposes.
  • Warehousing and Distribution
  • Corporate Headquarters: May include back office operations and customer service activities.
  • Tourism: Venue considered likely to attract attendees from outside of the County, (Example include conference/event center space, entertainment/sports complexes.)
  • Retail development (discretionary only): May be considered by the Board of Supervisors and the Authority on a case-by-case basis.  
  • Technology Business