Sec. 6-604. - Definitions.
The following words, terms and phrases, when used in this article, shall have the meanings ascribed to them in this section, except where the context clearly indicates a different meaning:
Definite place of business means an office or a fixed location within the technology zone where a regular and continuous course of dealing occurs over a period of 30 or more consecutive days.
Divested technology business means a new business resulting from the divestiture by an existing technology business located within the boundaries of the city of a subsidiary technology business when the subsidiary technology business is purchased or otherwise acquired by a new owner that is not an affiliate of the existing technology business and the resulting new technology business must, as a result of its divestiture, relocate from its existing place of business to a new place of business and subsequently conduct business in the technology zone for 18 consecutive months.
Expansion technology business means an existing technology business located within the technology zone that meets the new jobs incentive threshold criteria set forth in this section.
Net new jobs means the total number of jobs created by a qualified technology business for persons to be employed at a physical location within the boundaries of the technology zone, less the number of any jobs eliminated or moved to a physical location outside of the boundaries of the technology zone by such qualified technology business.
New technology business means a technology business that either on a date after the effective date of the initial ordinance providing for this article, establishes its initial definite place of business at a physical location within the boundaries of the technology zone and thereafter maintains its principal definite place of business at a physical location within the boundaries of the technology zone or on the effective date of the initial ordinance providing for this article, is an existing business with no definite place of business at a physical location within the boundaries of the technology zone and thereafter establishes for the first time and maintains its principal definite place of business at a physical location within the boundaries of the technology zone.
Qualified technology business means:
(1) Either a new technology business or a divested technology business that:
a. Is within the boundaries of the technology zone established in this article; and
b. Either creates at least five new full-time jobs or makes a capital investment of at least $200,000.00 in either:
1. Tangible personal property or machinery and tools; or
2. Real estate improvements used exclusively in such business, or any combination thereof; or
(2) An expansion technology business:
a. That is within the boundaries of the technology zone established in this article; and
b. For businesses with 20 or fewer full-time employees, creates five net new jobs in any calendar year or, for businesses with over 20 full-time employees, creates net new jobs in any calendar year equal to 25 percent of its total number of full-time employees.
The baseline number of employees is determined by the average number of employees reported to the Virginia Employment Commission in December of the year prior to the increase. The new jobs created and capital investment must be located at the business' definite place of business in the technology zone. The full-time job requirement may be met with part-time jobs using a full-time equivalency of 40 hours per week.
Technology business means a business that derives its gross receipts primarily from the sale, lease, license or provision of technology-based products, processes or services created, designed, developed, produced, manufactured or performed by such business. These products, processes and services must incorporate or support the use of innovative or advanced technologies having applications in one or more of the following categories:
(1) Cybersecurity, personal security and property security;
(2) Sea level rise and recurrent flooding;
(3) Medical devices, medical diagnostics, pharmaceuticals, biotechnology, biochemical engineering and other life sciences and health care technologies;
(4) Advanced materials and advanced manufacturing;
(5) Computer hardware and software;
(6) Electronics and instrumentation;
(7) Photonics and sensors;
(8) Internet and e-commerce;
(9) Educational and training technologies, including modeling and simulation;
(10) Bio-informatics and data analytics;
(11) Logistics and maritime commerce;
(12) Information technology, telecommunications and wireless technologies;
(13) Green technologies, renewable energy research and development, and energy conservation;
(14) Advanced transportation technologies;
(15) Nanotechnology;
(16) Financial technology;
(17) Aerospace engineering, systems, and products and parts manufacturing;
(18) Artificial intelligence; and
(19) Autonomous robotics.
The use of computers, telecommunications services, or a web page or Internet site shall not, in itself, be sufficient to qualify as a technology business.
Technology zone means the area located within the boundaries of the City, as described in Section 1.02 of the Charter.
(Code 2020, § 6-604; Ord. No. 2019-275, § 1, 2-28-2022)
