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Alexandria real estate revenue higher than expected

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.

By Christy Goodman  | October 19, 2010; 1:50 PM ET
Categories:  Alexandria, Christy Goodman  
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Comments

The City of Alexandria could reverse the 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, that’s 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. They should be sold one by one agent per townhouse. The new buyers will make improvements, and it will be win win for the local economy. There is one townhouse in Quaker Hill on sale now by a private owner for the 600’s. While TC Williams and the local public schools implode from neglect, Alexandria is hoarding this INSANE cache of sought after properties at the luxury level for public housing in zip code 22314. Our schools need the money now, not later.

Posted by: whoseyrmama | October 20, 2010 1:51 PM | Report abuse

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