City of Alexandria, Virginia
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MEMORANDUM
DATE: JANUARY 4, 2022
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: MARK B. JINKS, CITY MANAGER /s/
DOCKET TITLE:
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Public Hearing, Second Reading and Final Passage of an Ordinance to Create the 699 Prince Street Tourism Zone in Order to Incent Hotel Redevelopment. [ROLL-CALL VOTE]
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ISSUE: Creation of the 699 Prince Street Tourism Zone to enable the City and a qualified tourism sector catalyst business the opportunity to apply for State and City financial assistance.
RECOMMENDATION: That City Council approve the proposed ordinance to create a 699 Prince Street Tourism Zone on first reading and schedule it for second reading, public hearing and passage on January 22, 2022.
BACKGROUND: The Virginia General Assembly approved legislation in 2006, then amended it in 2008, authorizing Virginia localities to create Tourism Zones where qualified businesses can take advantage of certain state and local tax credits and deductions and certain regulatory flexibility offered within a Tourism Zone. Tourism Zones can be created by adoption of a local ordinance and may contain both requirements and benefits for existing and new or expanded tourism businesses, including lodging, dining, retail, meeting and sports facilities, outdoor recreation areas, theme parks and event venues. Currently, there are approximately 75 Tourism Zones, statewide, across Virginia in 47 different localities.
The ongoing COVID-19 pandemic has disproportionately and negatively impacted businesses throughout the tourism industry and has created a major gap in available financing for new businesses and projects looking to make investments nationwide as well as in the City of Alexandria. Some of the City's various adopted Small Area Plans envision tourism catalysts, to include lodging and event venues, as an important part of new development in a va...
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