DC's $60M Advisory Tax Break Has Arlington, Alexandria Asking for More Money
Arlington and Alexandria have something in common for their 2016 wish list: new incentive tools to compete with DC.
The two jurisdictions have asked the Virginia General Assembly to support additional incentive programs as part of each jurisdiction's 2016 legislative package, the Washington Business Journal reports. Virginia’s leading incentive tool, the Governor’s Opportunity Fund, is facing a declining balance and the few other incentive instruments offered by the state limit the jurisdictions' ability to offer enticing incentive packages.
Arlington was in the running for a new HQ for the Advisory Board, which announced plans to remain in the District back in September. The Advisory Board will relocate to a planned development in Mount Vernon Triangle from Douglas Development and will receive a $60M incentives package that was approved by the DC Council last week.
Alexandria also used incentive packages to lure the National Science Foundation away from Arlington and tried to do the same in the since-overturned TSA lease at Victory Center. Arlington and Virginia also used more than $10M in incentives to get CEB to move across the street in Rosslyn.
It seems DC has raised the stakes and Arlington and Alexandria are looking to their state government to help them keep up the pace for the next office whale. [WBJ]