Alexandria real estate revenue up
Alexandria appears to be slowly coming back from the recession. Early reports show that the city's real property tax revenues have increased by 1.68 percent this year, creating nearly $9.5 million more in the fiscal 2011 budget than originally anticipated.
City officials say this bodes well for fiscal 2012. In early estimates presented to the City Council on Monday night, staff members said they could be looking at an increase of 3.6 percent in real estate revenue, equating to more than $17.5 million over the fiscal 2011 budget revenue estimates.
Bruce Johnson, Alexandria's chief financial officer, said very rough estimates show about a $7.7 million budget gap in fiscal 2012. He said that number should be smaller after the staff has drilled down the figures for the Nov. 23 budget guidance discussion with members of council.
-- Christy Goodman
By
Christy Goodman
| October 19, 2010; 1:47 PM ET
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Virginia
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Posted by: whoseyrmama | October 19, 2010 4:58 PM | Report abuse
To the above commenter: Where would the people in this public housing go?
Posted by: AdventurerVA | October 19, 2010 11:13 PM | Report abuse
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The City of Alexandria could reverse that deficit in 30 days by selling off the dozens of high end luxury townhomes it currently owns and gives rent free to public housing. In one neighborhood alone Quaker Hill, the city owns about 50 beautiful townhouses (community pool, club house, free yard maintenance, gorgeous landscaping ) that are worth 450,000-550,000 each. Do the math, thats 30 million dollars they own in one luxury neighborhood 10 minutes from the Pentagon. That buys a lot of rent vouchers. They should be sold via Alexandria Real estate agents who are chosen by a drawing. One agent per townhouse.The new buyers will make improvemnets, and it will be win win for the local economy. There is one townhouse in Quaker Hill on sale by a private owner for the 600's . while TC williams and the local public schools implode from neglect. The city is sitting on this INSANE level of luxry for public housing, Zipcode 22314.