Fairfax County launches incentive program for development in revitalization areas
The Fairfax County Board of Supervisors adopted the Economic Incentive Program on Sept. 15, 2020 to give the private sector incentives to revitalize and redevelop properties in a half-dozen commercial revitalization districts, located within Annandale; Bailey’s Crossroads/Seven Corners; Lincolnia; McLean; Richmond Highway region; and Springfield.
“The Fairfax County Economic Development Authority applauds the establishment of the Economic Incentive Program by the Fairfax County Board of Supervisors,” said Victor Hoskins, president and CEO of the FCEDA. “Incentives include up to a 10-year real estate tax abatement for commercial, industrial and/or residential development projects in six designated areas of Fairfax County that are in need of revitalization. This is a great program to spur economic development.”
The financial incentives include a ten percent reduction of site plan fees and a partial abatement of the real estate taxes on the difference between the base value of a property and its post-development value, including any increase or decrease in the annual assessed value of the tax-exempt portion of the property. In addition to the financial incentives, regulatory incentives include the expedited scheduling of zoning applications, concurrent processing of a Comprehensive Plan amendment and zoning application, and concurrent processing of a site plan with a zoning application.
To be eligible for the incentives, the development proposal must be commercial, industrial, and/or multi-family residential, and located within one of the six designated economic incentive areas:
- Annandale Commercial Revitalization District (CRD)
- Bailey’s Crossroads / Seven Corners CRD
- McLean CRD
- Lincolnia Commercial Revitalization Area (CRA)
- Richmond Highway CRD, adjacent Suburban Neighborhood Areas, and portions of the Huntington Transit Station Area (TSA): Map 1, Map 2, Map 3
- Springfield CRD and the non-single family portion the Springfield TSA
In addition, the application must contain a newly proposed assemblage, not previously submitted for rezoning or site plan approval of at least two contiguous parcels totaling a minimum of two acres. However, the Board of Supervisors may make an exception regarding the minimum size of consolidation. The proposal must be consistent with the consolidation and use recommendations of the Fairfax County Comprehensive Plan, and all laws and policies related to the provision and preservation of affordable housing.
Each Economic Incentive Area is in effect for a period of ten-years. This timeframe is the period within which a qualifying property will be able to avail themselves of the partial real estate tax abatement. The partial real estate tax abatement does not extend beyond the specified timeframes, regardless of when a property becomes qualifying.
The 10-year tax abatement window begins on the following dates:
- July 1, 2022, for projects in the Baileys Crossroads/Seven Corners EIP area
- July 1, 2024, for projects in the McLean, Richmond Highway Corridor and Springfield EIP areas
- Jan. 1, 2025, for projects in the Annandale and Lincolnia EIP areas
For more information, please click here.
NAIOP commercial real estate Virtual Bus Tour registration open now
NAIOP Northern Virginia, the Commercial Real Estate Development Association, is hosting its 2020 NAIOP Northern Virginia Bus Tour on a virtual basis this year. Held annually, the bus tour in prior years included a tour of Northern Virginia’s top development projects and sites via a police escorted bus caravan.
This year the virtual bus tour will be presented in three 45-minute online tours that can be viewed from the comfort of one’s home or office. All three videos will go “live” on October 15 until October 30, enabling the participant to view each video at their convenience.
The tour this year features properties “Outside the Beltway” – such as in Tysons, Merrifield, Reston, Herndon, and Route 28.
Four sets of bus captains will take viewers through each of the submarkets. Similar to NAIOP’s “regular” Bus Tour, the Virtual Bus Tour will follow a route through each submarket. Two bus captains will provide information on what is going on and what is driving that submarket. The captains are either owners or brokers who know the submarkets being covered. More than two dozen industry leaders will be providing cameo appearances during the tour to talk about the market and what they see now and for the future.
“The Northern Virginia region is a great place for commercial development, especially in the areas that are being highlighted in this year’s NAIOP bus tour: Tysons, Merrifield, Reston, Herndon, and the Route 28 corridor,” said Victor Hoskins, president and CEO of the FCEDA. “Corporate relocations and expansions have continued at a brisk rate here, despite the pandemic. In May, for example, Microsoft announced that it will invest $64 million to establish a software development and regional R&D hub in Reston, creating 1,500 jobs. NAOIP’s bus tour will include some of the best places for locating a business in Northern Virginia. It is well worth attending the virtual bus tour.”
For more information and to register click here.
FCEDA’s virtual workshop on starting a business in Fairfax County set for Oct. 6
Registration is now open for FCEDA’s “Entrepreneurship 101: Starting a Business in Fairfax County” workshop, to be held on Oct. 6, 2020 at 11:00 A.M. to 12:15 P.M. The October event will be held on a virtual basis via Zoom.
“The FCEDA has seen a lot of interest from people wanting to start a business during the economic downturn due to the pandemic,” said Victor Hoskins, president and CEO of the FCEDA. “This virtual Entrepreneurship 101 session will not only be of interest to prospective start-up owners, but also for existing business owners who are looking for more financial resources at this unprecedented time.”
Since 2003 the FCEDA has held a free monthly (except July, August and December) workshop for individuals interested in starting a business in Fairfax County. Held in partnership with the Virginia Department of Small Business and Supplier Diversity (SBSD), U.S. Small Business Administration (SBA), and Community Business Partnership (CBP), the sessions have attracted nearly 4,000 attendees.
Starting off with facilitated networking, the October E101 will include opening remarks by Karen Smaw, director, Diversity Business Investment and Entrepreneurship, FCEDA; and Alex Iams, executive vice president, FCEDA. Presentations will include:
- Navigating the Entrepreneurship Ecosystem, Karen Smaw, FCEDA
- Opening Your Business in Fairfax County, Meaghan Kiefer, business experience officer, Office of Economic Initiatives, Fairfax County Government
- Thinking of Starting a Business? First Steps … Cindy Butler, director, Women’s Business Center of Northern Virginia, Community Business Partnership
- Small Business Resources and Certifications, Chris Ley, business service manager, Virginia Department of Small Business and Supplier Diversity
- An Overview of SBA Programs for Entrepreneurs, Nick Rajpara, economic development specialist, Small Business Administration – Washington Metropolitan Area District Office
A question-and-answer period will be held following the presentations.
There is no charge, but pre-registration is required. Click here to register.
For more information, contact Karen Smaw at email@example.com.
October 1, 2020