ISLE OF WIGHT—In 2009, commercial real estate tax revenue made up only 15 percent of the real estate taxes collected in Isle of Wight County.

That could soon change if the Board of Supervisors approves an economic development incentive policy.

The policy, which is set for public hearing at 7 p.m. Thursday, July 15, was developed after the board in January directed several county departments to work collaboratively to jump start construction of several approved mixed-use developments.

“The whole purpose is to stimulate the economy and get some activity going,” said county spokesman Don Robertson. The policy comes just as the county is dealing with the closure of the International Paper Co. mill and the loss of associated jobs and tax dollars.

The proposed incentives include review fee waivers, an expedited review process, connection/tap fee reinvestment, proffer flexibility, an economic development incentive grant, the establishment of a community development authority, the establishment of a tax increment financing district and other incentives the board deems appropriate.

The incentives would target new developments that meet certain size, employment and new taxable investment requirements.

Modifying or reviewing voluntary proffers—benefits businesses provide as part of a development—or developing incentives, “may be a way of jump starting development…getting some commercial activity going and possibly some residential activity going that would stimulate the local economy,” Robertson said.