LOCATED WITHIN 1 MILE OF US-58 US-58 SOUTHAMPTON COUNTY, VA ACRES AVAILABLE FOR SALE CLASS A WAREHOUSE / DISTRIBUTION CENTER DEVELOPMENT
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1 LOCATED WITHIN 1 MILE OF US-58 US-58 SOUTHAMPTON COUNTY, VA ACRES AVAILABLE FOR SALE CLASS A WAREHOUSE / DISTRIBUTION CENTER DEVELOPMENT
2 PROJECT OVERVIEW CAMP PARKWAY COMMERCE CENTER The Camp Parkway Commerce Center is a warehouse and distribution intermodal park on acres at the intersection of Camp Parkway (U.S. 58 Business) and Delaware Road in Southampton County, Virginia. Current zoning for the land is R-1, with rezoning to M-1 anticipated for development. The project site is located within 1 mile of the U.S. Route 58, a critical roadway connecting to Interstate 95 at Emporia and Interstate 85 at South Hill, and is bordered by a Norfolk Southern rail line within city limits of Franklin. When fully developed, the project expected to deliver more than 3,000,000 square feet of Class A state of the art high-grade warehouse and distribution facilities that will attract major corporate employers to the area. HIGHLIGHTS Class A industrial development Situated on 439 +/- acres Within one mile from US 58 Bordered by Norfolk Southern Railroad Zoned R-1 with anticipated rezoning to M-1 for development 2
3 CONCEPTUAL MASTER PLAN 3
4 PRIME LOCATION DRIVING DISTANCES: 4 Port of Virginia Terminals: 1 Virginia International Gateway (VIG) 48.9 mi 3 2 Portsmouth Marine Terminals (PMT) 52.0 mi Norfolk International Terminals (NIT) 64.4 mi 4 Newport News Marine Terminal (NNMT) 53.9 mi 5 Highways: 5 US mi - - I-95 via Route 58 - Emporia, VA I-85 via Route 58 - South Hill, VA 33.3 mi 69.2 mi 4
5 AERIAL NORFOLK SOUTHERN RAILROAD CAMP PARKWAY NORFOLK SOUTHERN RAILROAD SOUTHAMPTON PARKWAY CLAY STREET SOUTHAMPTON PARKWAY 5
6 ACCESS TO POPULATION PLACEHOLDER FOR CONCENTRIC CIRCLE MAP 1,000 MILES 750 MILES 500 MILES 250 MILES CAMP PARKWAY COMMERCE CENTER IS WITHIN A TWO-DAY DRIVE OF TWO- THIRDS OF THE US POPULATION All information contained herein is from sources deemed reliable; however, no reprsentation or warranty is made as to the accuracy thereof. 6
7 INCENTIVES STATE LEVIED TAXES Corporate Income Tax: 6% U.S. Weighted Average: 6.25% The corporate income tax rate in Virginia has not increased since In Virginia, the corporate income tax is applied to federal taxable income, it functions as a deduction from federal taxes. If a corporation is engaged in multistate activities and its income is subject to tax in Virginia and other states, it pays tax only on the portion of its income from Virginia sources. In determining this portion, income is divided into allocable and apportionable income. Apportionment is based on a formula of payroll, property, and sales that weighs the corporation s Virginia operations against its total operations. The sales factor is double weighted. Unemployment Insurance (Tax per Employee) U.S Average: $233 Virginia: $177 Employers must register with the Virginia Employment Commission and pay their unemployment insurance tax if they had one or more persons employed for 20 or more weeks or if they paid wages of $1,500 or more in any calendar quarter in either the current or preceding calendar year. New employers pay at a special rate for an initial period, usually months, unless the computed rate, based on claims, exceeds the new employer rate. After the initial period, the employer s rate is determined by its operational experience and the state s unemployment level is reflected in the financial condition of the Unemployment Compensation Trust Fund. Workers Compensation Employment Insurance Costs (per $100 of Payroll) U.S Average: $1.19 Virginia: $0.72 Since 1994, Virginia has had a partially regulated competitive rate or loss costs system to determine workers compensation rates. The State Corporation (SCC) approves the cost of losses for each industry classification and insurance companies determine the average overhead and profits. Multipliers to cover these expenses are filed with the SCC and are subject to periodic review. Studies by Actuarial & Technical Solutions show that Virginia has one of the lowest comparative costs of Workers Compensation for manufacturers in the nation. Sales and Use Tax The total Sales and Use Tax rate in Hampton Roads is 6% (state - 5%, locality - 1%), below the U.S. average of 6.75%. RAIL GRANTS The Department of Rail and Public Transportation s Rail Division manages grant programs to implement freight and passenger rail initiatives. These funds have evolved over time and serve a specific function in the Commonwealth s efforts to maintain a competitive rail network serving the Port of Virginia and achieve maximum truck diversion from Virginia s highways. Rail Industrial Access Fund The Rail Industrial Access Program promotes truck diversion by providing grant assistance to connect new or expanding businesses to the freight railroad network. The program supports localities, businesses, or industries seeking access to a common carrier railroad. Applications are accepted throughout the year. Rail Preservation Fund The Rail Preservation Fund benefits the shortline railroads, which provide the local network and the last mile of service for rail freight to reach its destination. It promotes the continuation of rail service by achieving Federal Railroad Administration Class 2 track safety standards. It also promotes development of rail transportation support facilities, encouraging industrial growth and promoting truck diversion from Virginia s highways Rail Enhancement Fund The Rail Enhancement Fund is a dedicated source of funding for capital improvements benefiting passenger and freight initiatives. Applications must achieve a Benefit-Cost Ratio of 1.0 or greater, meaning the value of public benefits must be greater than the public funds invested within an established time period. This fund is typically utilized by Class I railroads, the Port of Virginia, and Virginia Railway Express for major capital investments. Intercity Passenger Rail Operating and Capital Fund The Intercity Passenger Rail Operating and Capital (IPROC) Fund provides operational funding for four state-supported Amtrak Routes, consisting of six state-supported Amtrak trains. The Passenger Rail Investment and Improvement Act of 2008 required states with Amtrak services less than 750 miles to pay for the routes or cease operation. This fund enables the Commonwealth to continue those services. It is also the source of funds for passenger rail equipment upgrades and capital improvements. All information contained herein is from sources deemed reliable; however, no reprsentation or warranty is made as to the accuracy thereof. 7
8 INCENTIVES STATE INCENTIVES Virginia offers a variety of performance-based incentives designed to target the needs of companies considering an investment in the Commonwealth. Among these are the Governor s Opportunity Fund (a discretionary fund available to secure a business location or expansion project) the Major Business Facility Job Credit and location-based incentives such as Foreign Trade Zones, Job Creation Grants, Real Property Investment Grants, Technology Zones and Virginia Port Tax Credits and Incentives. FOREIGN TRADE ZONE WHAT ACTIVITIES CAN BE DONE IN A USER DESIGNATED FOREIGN TRADE ZONE? Merchandise in a zone can be assembled, cleaned, displayed, exhibited, manipulated, manufactured, mixed, processed, relabeled, repackaged, repaired, salvaged, sampled, stored, and tested. WHICH LOCALITIES ARE IN FOREIGN TRADE ZONE NO. 20? City of Chesapeake, City of Franklin, City of Hampton, City of Newport News, City of Norfolk, City of Poquoson, City of Portsmouth, City of Suffolk, City of Virginia Beach, City of Williamsburg, Accomack County, Gloucester County, Isle of Wight County, James City County, Mathews County, Northampton County, Southampton County, Sussex County, Surry County, York County, and Front Royal. WHAT ARE THE ADVANTAGES OF LOCATING IN A FOREIGN TRADE ZONE? DUTY DEFERRAL/EXEMPTION: Users can avoid paying duties on imported merchandise until the goods are removed from the FTZ and enter into the U.S. commerce. Duty on machinery is deferred until it is put into production; there is no duty paid on re-exports or scrap. INVERTED TARIFFS/DUTY REDUCTION: FTZ zone users can pay lower duty rates on goods produced in the zone when the finished product has a lower duty rate than the imported components and parts. WEEKLY ENTRIES: Zone users will benefit if they file multiple Customs and Border Protection entries each week. FTZs allow the user to file this paper work once a week at a rate no higher than $485. NO TIME CONSTRAINTS: Merchandise may remain in the zone indefinitely, whether or not it is subject to duty. CUSTOMS COMPLIANCE: Customs & Border Protection requirements and federal criminal sanctions are deterrents against theft. Cargo that is imported into FTZs have fewer incidents of loss and may result in lower insurance costs. HOW DO USERS QUALIFY FOR FOREIGN TRADE ZONE BENEFITS? Users must establish a site s Foreign Trade zone eligibility. Site activation with the Port of Virginia will take about 30 days from the application date, and approval by U.S. Customs and Border Patrol will take about 90 days to obtain after activation. For more information please contact the Virginia Port Authority. 600 World Trade Center Norfolk, VA All information contained herein is from sources deemed reliable; however, no reprsentation or warranty is made as to the accuracy thereof. All information contained herein is from sources deemed reliable; however, no reprsentation or warranty is made as to the accuracy thereof. 8
9 FOR ADDITIONAL INFORMATION, CONTACT: Gregg Christoffersen Associate Director gregg.christoffersen@am.jll.com Erin Corrie Senior Associate erin.corrie@am.jll.com
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