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Posted at 12:30 PM ET, 12/18/2010

Potomac Yard Metro vote passes

By Christy Goodman

Alexandria City Council unanimously approved a 20-cent special tax district for the proposed $240 million Potomac Yard Metro station.

The station would serve the proposed 7.5 million square feet of development planned for the northern end of Potomac Yard.

The special tax district will take effect on January 1 on new developments within Potomac Yard, which sits south of Crystal City between Route 1 and the George Washington Parkway. The revenue from the tax district will be added to developer contributions and a soft tax increment financing area, or TIF, to pay bond debt financing over 30 years.

A second tax district with a rate of 10 cents per $100 of a property's assessed value is proposed for the existing Potomac Greens neighborhood. Residents are opposed to the additional tax.

The Metro station would open in 2016 at the earliest. The council has the option to not build the station if the cost is deemed too excessive. Development would be limited to about 2.5 million square feet if no station is built.

By Christy Goodman  | December 18, 2010; 12:30 PM ET
Categories:  Metro, Virginia  
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Comments

I'm glad to see Alexandria pass this, and I hope they manage to work something out with a tier 2 tax (whether it spreads it across the city, becomes based on distance from the station, or sticks with the Potomac Greens tax). The tier 2 tax was part of the plan before the first house was built in Potomac Greens, so the builders who sold the houses should have been required to disclose that fact. Perhaps there could be a class-action suit against the builder if Potomac Greens feels wronged by the tax.

Of course, if the Metro quickly raises their property value by $100K and they are too offended by an extra few hundred dollars per year in tax to stick it out, they could sell and make off with the extra $100K.

I'm personally in favor of something like a 1/4 mile, 1/2 mile, and 3/4 mile walkshed graduated tax, but I'm sure that would never pass.

Posted by: GoHoos2002 | December 21, 2010 6:23 AM | Report abuse

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