Atwood's project first to receive funds from city
8/24/2010 * C-Ville Weekly [full story]
Thanks to actions last week by Charlottesville City Council and the Board of Architectural Review (BAR), architect Bill Atwood’s Waterhouse project has quickly thawed from glacier to geyser. One day after council unanimously signed off on its first resolution for a tax increment financing rebate—don’t worry, we’ll explain it in the third paragraph—the BAR approved Atwood’s six-story redesign with a 6-1 vote and a few conditions.
The latest Waterhouse design—featuring two parking garage entrances on South Street, and a partially recessed presence at 216 Water Street—will appear before the BAR again for approval of color and a glass column that links the structure’s two main buildings. With the majority of the BAR wooed by Waterhouse’s latest look, Atwood can focus on courting WorldStrides, an Albemarle County student-travel business, as his anchor tenant.
Now, about that tax increment financing (TIF). Approved unanimously by council, the TIF resolution guarantees that the city will offer Atwood a 50 percent cut of real property tax revenue that can be attributed to Waterhouse and its occupants for five years. The property’s tax base is assessed pre- and post-construction and “the difference…is considered the taxes attributable to the new development,” according to the resolution. (The site is currently assessed at $2.8 million.) The developer must secure all funding—in this case, a $20 million cost—and see the project through construction to receive the TIF rebate.
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