The Falls Church City Council adopted Monday a new policy which will give the City the opportunity to provide new incentives for commercial redevelopment.
The resolution adopted by the City Council noted that as the Washington, D.C. region begins to recover from the recession, it is critical for the City to best position itself for the next round of business investment and commercial development. The City staff examined policies of other jurisdictions in the region for best practices and has followed closely proposed new legislation that can be utilized by the City to create an advantage in the fierce competition for the highest quality commercial projects and business location commitments, according to a statement from City Hall.
“It is the City’s goal to encourage new and sustainable commercial development, accelerate redevelopment, and attract private investment in targeted areas of the City,” said Mayor Nader Baroukh. “Our current land use planning and supportive zoning are the City’s primary tools for incentivizing development and creating a stronger commercial tax base. However, in exceptional cases the City will now consider providing additional incentives, including tax increment financing and partial, temporary abatement of business taxes,” he said.
Specific financial incentives and options are available on the City’s website.