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EDA reviews tentative Tourism Zone for U.S. 1 corridor and next steps
Summary
Economic Development staff presented a tentative Tourism Zone for the U.S. 1 area (Hanover/Henrico line to I-95, Lewistown Road to Rt. 1) that could make large projects eligible for partial state sales-tax reimbursement; staff will draft program criteria and funding and return to the Community Development Committee in August.
Brandon Turner told the EDA that Economic Development and Tourism presented a proposed Tourism Zone to the Community Development Committee on May 19, outlining a tentative boundary in the U.S. 1 area bounded by the Hanover/Henrico line, I-95, Lewistown Road and Route 1. Turner said the zone could create incentives to encourage strategic development and allow large projects to be eligible for partial sales-tax reimbursement by the state.
Turner said the next step is to draft programs, eligibility criteria and identify funding, with the intent to return to the CDC in August for further consideration. He invited input and support from the EDA as staff prepares the detailed program and funding options.
