The Herndon Town Council is considering a move to create new incentives for art-focused redevelopment projects.
The language of the proposal applies to projects in downtown Herndon, but a town spokesperson did not indicate how the plan applies to the stalled redevelopment of downtown Herndon, which is a joint effort between the town and Reston-based company Comstock.
Economic incentives include:
- A 50-percent reduction in fees for water, sewer and building permits in the initial establishment of the project
- An annual rebate of up to 100 percent of real property taxes linked to the total. Redevelopment project for taxes due to the town for up to a decade.
- Exceptions that allow a reduced number of parking spaces required for multi-family residential use
- Deferral of developer contribution for recreational amenities
“These amendments create additional opportunities to expand the type, quantity and quality of. Art offerings to town residents and increase the town’s presence as a destination for art activities,” according to an Oct. 20 staff report.
It’s unclear how the incentives will be applied to the redevelopment project in downtown Herndon. A town spokesperson did not provide comment by the publication deadline.
The $85 million redevelopment project, which includes a new arts center, would transform nearly 4.7 acres of land in downtown Herndon into a vibrant mixed-use district.
A meeting on the matter is set to take place today (Tuesday) at 7 p.m.
Image via handout/Comstock