After close to six years of tweaking, prodding and cajoling, the Cape Charles Planning Commission has completed its draft of a Tourism Zone Ordinance. The Town Council, after the review, approved the ordinance. To be eligible for ‘economic stimulus credits’, a business must create and maintain a minimum of one (1) new full time or two (2) new part time jobs, make a new verified capital investment of no less than $2,000.00 in a building, building improvements, and/or in depreciable assets, make a capital investment that does not include the cost to purchase real property. The business must also hold a current town business license and be current in all tax and utility bill obligations to the town, and all tax obligations to Northampton County, as well as be in compliance with all town ordinances.
Once qualified, a tourism business shall be eligible to receive the a credit equal to 25 percent of the new or increased capital improvement tax paid to the town with a verified capital investment of not less than $2,000.00 to a maximum of $1,000,000.00 capital investment. A credit equal to 50 percent of the amount of the net increase in real estate tax paid to the town. . A credit equal to 50 percent of the amount of BPOL tax paid to the town. For a qualified tourism business that maintains at least eighty-five (85) hours weekly of full time and part time staff employment, a credit of up to 50 percent of the facility and connection fees paid to the town. A credit of up to 50 percent of the building permit fees paid to the town for the approved project.
Leave a Reply