In voting 5-1 to adopt modifications to the interim West End commercial development plan Monday night adding real estate tax deferrals and new greater density for residences, the Falls Church City Council has boosted the estimated annual revenue yield the City can expect to gain from the project by an additional $500,000 or more per year.
This is according to Council member Ross Litkenhous, who did an extensive “back of the envelope” calculation during Monday’s Council meeting, and came up with the figure that, net, the City will gain an added $565,000 per year in revenue from the extra 150,000 square feet of residential development that is included in the changes. That is after an estimated cost to the City of new school aged children.
The extra 150,000 square feet will include 50,000 square feet of senior restricted housing and 100,000 square feet of condominiums and “micro units” of an average 600 square feet. Voting against the modification was Councilman David Snyder, and Councilman Dan Sze was absent.