AGENDA DATE: 9/12/2018
TITLE:
Title
Authorization to Execute Specific Economic Development Performance Agreements
SUBJECT/PROPOSAL/REQUEST: Staff is seeking the Board's authorization to move forward with the performance agreements for Project Turtle and Daffodil
ITEM TYPE: Regular Action Item
STAFF CONTACT(S): Richardson, Walker, Kamptner, Johnson, Catlin, Newberry
PRESENTER (S): Doug Walker, Roger Johnson
LEGAL REVIEW: Yes
REVIEWED BY: Jeffrey B. Richardson
BACKGROUND: Albemarle County is partnering with the Commonwealth of Virginia to provide support for a project at the Woolen Mills site. The County is providing financial support for the relocation and expansion of WillowTree, Inc., to become the anchor tenant in a redeveloped Woolen Mills site. WillowTree was at significant risk of relocating out of state, and both the State and County determined that the stimulation of the additional tax revenue and economic activity constitutes a valid public expenditure. Albemarle also is providing investment in infrastructure to support the general redevelopment of this valuable and unique site. Justification for County use of incentives:
? Consistent with Comp Plan in areas of land use, economic development and transportation ? Supports redevelopment, placemaking and economic development in FY 17 - 19 Strategic Plan ? Supports growth of a target industry
? Catalyzes business development and vibrancy in a unique economic corridor
? Adaptively reuses historical industrial site
? Activates the Rivanna River corridor and connects recreational assets
? Creates positive tax revenue growth in first year, ROI increases significantly in Year Six ? Helps shift commercial vs residential tax base
? Reduces future service demands
? Stimulates growth in other economic sectors
STRATEGIC PLAN: Economic Prosperity: Foster an environment that stimulat...
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