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Posted at 3:50 PM ET, 10/27/2010

UPDATED: Arlington identifies funds for Route 1 development

By Christy Goodman

Updated, 3:50 p.m.: The Arlington County Board designated future tax revenue Tuesday night to pay for some $207 million in proposed infrastructure in the developing Route 1 corridor, including a streetcar line.

The tax increment financing area, or TIF, would be applied to the Crystal City, Pentagon City and Potomac Yard neighborhoods along Route 1 in Arlington, and would designate 33 percent of the new revenue generated from the proposed developments existing real property taxes toward infrastructure and public improvements.

"I see this as ensuring that all the work we put into creating the plan, the vision for the next 40 years, actually moves from being a vision into a reality," said Jay Fisette, county board chairman. Fisette said the investments made with TIF monies would not only improve quality of life for residents and help businesses in the area, but also provide an incentive for future development.

Original post: The Arlington County Board approved a tax Tuesday night to pay for some $207 million in proposed infrastructure in the developing Route 1 corridor, including a streetcar line.

The tax increment financing area, or TIF, would be applied to the Crystal City, Pentagon City and Potomac Yard neighborhoods along Route 1 in Arlington, and would designate 33 percent of the new revenue generated from the proposed developments toward infrastructure and public improvements.

"I see this as ensuring that all the work we put into creating the plan, the vision for the next 40 years actually moves from being a vision into a reality," said Jay Fisette, county board chairman. Fisette said the investments made with the TIF monies would not only improve the quality of life for residents and businesses in the area, but provide an incentive for future development.

Read the board's report and see a map of the affected area.

And stay with Postlocal.com for more on this story.

-- Christy Goodman

This post has been updated since it was first published.

By Christy Goodman  | October 27, 2010; 3:50 PM ET
Categories:  Virginia  
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Comments

As a Crystal City resident, I'm very excited to learn about a street car system coming to my area. Does anyone know when the city expects the street car project to be completed? Thanks in advance.

Posted by: MM87 | October 27, 2010 12:13 PM | Report abuse

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