Community Impact
What is the public-private partnership with Albemarle County Economic Development?
In April, the Board of Supervisors approved a partnership agreement with ABC that does not take effect unless the rezoning is approved. Because this agreement is contingent upon a rezoning approval, it is considered separately from the rezoning application.
The Board and the Economic Development Authority entered into this partnership because ABC is consistent with and promotes several policies, objectives and strategies of the Economic Development Strategic Plan (Project ENABLE) and the Comprehensive Plan, such as promoting growth within the development area, supporting economic development of underutilized properties, seeking private investment for public benefits and enhancing the job and tax base of Albemarle County.
The ABC project will invest over $40 million into Albemarle County, providing benefits such as traffic solutions, a large tax base of infrastructure, real estate improvements, and homes to both businesses and families.
The agreement outlines how the developer will work with Economic Development to construct and market at least 25,000 square feet of space for “primary businesses” as well as provide:
Enhanced Connectivity: sidewalks, pathways, and pedestrian crossings throughout the project site for the public
Dynamic Transport Pick-up: a safe and attractive place to access transport services
Enhanced Bus Stop: a stop that includes an enclosed shelter with glass, lighting, and seating
Bicycle Racks: bicycle parking and racks at all project buildings
Dog Park: an exercise and play area for dogs as shown on the agreement exhibit (unless otherwise agreed)
A copy of the partnership agreement is available from County staff.
What is an Opportunity Zone and how does it help Albemarle County?
This area of Albemarle County has been recognized by the Governor as a U.S. Department of the Treasury “Qualified Opportunity Zone,” which provides a revitalization tool for low-income census tracts in the Commonwealth. Through several investment incentives, it makes locating a business in these areas very attractive.
The Opportunity Zone requires the businesses and development be under the same location and ownership for a minimum of 10 years in order to achieve the maximum incentive, ensuring the current developer and the future tenants will be involved for at least a decade.
Additionally, since the Opportunity Zone program began to decline in value to investors starting in 2019, the longer it takes to construct finished buildings, the less incentive there will be available for investors.
How do we proffer to manage traffic impacts?
ABC proffers $500,000 in infrastructure improvements. Per our traffic study, a traffic light would mitigate our traffic impacts. Based on discussions with County traffic planners and VDOT, it’s possible the County would prefer other traffic improvements.
If the County traffic study calls for another traffic improvement solution, we will contribute $500,000 cash plus land dedication for a future roundabout.
We will also improve the existing bus stop at that location and construct multi-use paths and dedicate right-of-way to VDOT for the path improvements.
What uses have we eliminated from the project?
With our Code of Development, we have eliminated uses that are typically seen as undesirable in Albemarle County.
We are open to limiting other uses if necessary and our NMD zoning ordinance allows us significant flexibility in design so that we can meet the expectations
of the County.