The Fairfax County Board of Supervisors voted today (Tuesday) to contribute $1.2 million for the redevelopment of downtown Herndon — an effort being led by Comstock and the Town of Herndon.
The funding commitment is the largest dollar contribution for economic development to date. Funds are drawn from a funding category designed for one-time, seed money for projects that provide direct economic benefits for Fairfax County. Roughly a quarter of $5 million in available funding has been committed to downtown Herndon.
County officials hope to recoup their investment within the first two years after the project is complete. Estimates suggest the redevelopment will generate $800,000 annually in new property and sales taxes for the county, according to an independent analysis commissioned by the town.
The 4.67-acre property, which is owned by the town, is currently tax-exempt. The new town center would pay real estate taxes and generate additional sales tax from retail elements.
The project includes an 18,000-square-foot arts center, which will serve as the centerpiece of the downtown area. Overall, downtown Herndon will include around 281 apartments, 17,600 square feet of ground floor retail and a 761-space parking garage.
Fairfax County will release its funds only when the Town of Herndon contributes $1.2 million of its own funding. The town plans to pitch in $3.6 million for the public-private partnership.
In prepared statements, local elected officials reacted to the funding commitment:
“I am pleased that funding from the County’s Economic Development Support Fund will help make the Herndon Arts Center a reality,” said Dranesville District Supervisor John Foust, who chairs the Fairfax County Economic Advisory Commission. “Activities around the arts create thousands of jobs and hundreds of millions of dollars in economic activity in Fairfax County. The Herndon Arts Center will also contribute to the success of a redevelopment project that will significantly increase the tax base of the town and the county. Projects like the Herndon Arts Center also contribute to the county’s economic success by creating a community that will attract a 21st century workforce.”
“Allocation of this grant funding to the town is a tangible, impactful demonstration of Fairfax County’s commitment to economic development in Herndon,” said Mayor Lisa Merkel. “Redevelopment of Herndon’s downtown creates a new and exciting destination at the county’s western edge, and we greatly appreciate the spirit of partnership symbolized by this grant.”
Photo via Comstock