Benefits of Henrico Investment Program now available in nine zones across county
More business and commercial property owners now can access a range of grants, technical assistance and other support to improve their properties with the recent expansion of a program designed to encourage redevelopment in the county’s mature commercial corridors.
At a recent meeting, the Henrico County Board of Supervisors approved an ordinance that added four new zones to the Henrico Investment Program (HIP) and expanded the program’s five existing zones. The ordinance also expanded program benefits for tenants of property within a zone.
Since its inception in January 2022, HIP has awarded 27 grants and incentives to 19 businesses, said Eric Leabough, director of Henrico’s Department of Community Revitalization. Those projects have an estimated construction value of $28 million, he said.
“This expansion of the Henrico Investment Program will enable the county to support even more businesses as they seek to reinvest in their properties and grow their business,” Leabough said. “Henrico County is committed to helping its business and commercial property owners thrive, especially in these established commercial corridors.”
The expansion will add about 900 properties to areas served by the program, more than doubling the reach of the program. More than 1,680 properties now are in HIP zones countywide.
Newly established HIP zones are along targeted areas of Brook and Nine Mile roads as well as Laburnum and Lakeside avenues. Existing HIP zones are being further extended along areas of Mechanicsville Turnpike, Patterson Avenue, West Broad Street and Staples Mill and Williamsburg roads.
Qualifying businesses can apply for a variety of incentives to enhance their properties, such as grants for landscaping, parking lot paving, building demolition and exterior and interior building improvements; architectural design assistance; and waivers of plan review and permit fees. Additional information — including a list of incentives and application forms, a description of eligible properties and a tool to determine if a property is located in a HIP zone — is available from Community Revitalization.