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Posted at 12:43 PM ET, 12/18/2010

Potomac Yard tax district approved

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; 12:43 PM ET
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