AGENDA DATE: 4/6/2016
TITLE:
Title
Metrics Update, Route 29 Solutions Business Assistance Plan
BODY
SUBJECT/PROPOSAL/REQUEST: A report on the Route 29 Solutions Business Assistance Plan Economic Indicator metrics
ITEM TYPE: Consent Information Item
STAFF CONTACT(S): Foley, Davis, Letteri, Catlin, McClintic
PRESENTER (S): N/A
LEGAL REVIEW: Yes
REVIEWED BY: Thomas C. Foley
BACKGROUND: This report follows-up the February 3, 2016 presentation to the Board on the Route 29 Solutions Program, outlining the most appropriate and available economic indicators to track impacts from VDOT projects. To measure the Program's potential impact, staff from the Finance Department and the Economic Development Office compiled and analyzed vacancy rates; excise (meals and lodging) tax; business professional and occupational license (BPOL) tax; real estate tax; business personal property tax; and, where applicable, machinery and tools (M&T) tax.
For purposes of this study, staff defined the impacted area, also called Tier 2, as the northbound side of Route 29 from Fashion Square Mall north to the Woodbrook Shopping Center, and the southbound area includes Rio Hill Shopping Center south to the shops at 29th Place.
STRATEGIC PLAN: Goal 4: Economic Prosperity: Foster an environment that stimulates diversified job creation, capital investments, and tax revenues that support community goals.
DISCUSSION: The table below reflects the mixed results of assessed values and tax levies for tax years 2014 and 2015.
Assessed Values
Tax Levies
Tax Type:
2014
2015
% Chg
2014
2015
% Chg
BPOL
$1,106,331,214
$917,381,829
-17.08%
$2,179,920
$2,018,366
-7.41%
Business PP and M&T
$17,367,807
$18,829,916
8.42%
$722,277
$792,445
9.71%
Excise Taxes (meals, lodging)
$109,368,998
$120,201,901
9.90%
$3,461,582
$3,389,930
-2.07%
Real Estate
$579,885,200
$621,569,300
7.19%
$4,749,260
$5,095,253
7.29%
Sales
1.49% decrease from 06/30/2014 to 06/3...
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