All News & Blogs
Kalahari is just the latest of many incentive deals
Date published: 1/13/2008
County Economic Development Director Mark Weiss said the authority includes the entire retail development, not just Bass Pro.
The authority issued about $35 million in bonds that will pay for various improvements around the project.
To pay back that debt over a 20-year period, businesses within the authority's boun-daries will pay a 10-cent surcharge on their real estate taxes, and half of all of their local tax payments will go toward paying back the bonds.
Of course, for that money, the county is getting a $7 million road improvement that will link two interstate interchanges, a 36-acre public park and the parking and stormwater management infrastructure needed for the development.
In Fredericksburg, City Councilman Matt Kelly argues that the city got a lot of those benefits before Kalahari was even part of the picture.
The Silver Cos. used a community development authority to build the road and utilities infrastructure within Celebrate Virginia.
They also donated land for a third city fire station in the development, and have pledged $1 million toward widening Fall Hill Avenue in front of the development if that project can get off the ground by 2010.Emily Battle: 540/374-5413