Later this year, Chesterfield supervisors likely will consider approving performance agreements in an attempt to lure business to the northern Jefferson Davis corridor.
County Planning Commissioner Gib Sloan spoke about the development tool during the Jefferson Davis Association’s luncheon last week at Bensley Community Center.
Sloan said some developers prefer performance agreements. These entail a rebate of real estate taxes over a 5-to-10-year period. “The percentage refunded goes down” each year, he said, adding that the county would not have a long-term financial obligation.
The performance agreement proposal is part of the work of the North Jefferson Davis Special Area Plan. An agreement would require a minimum investment of $5 million, with 80 percent of the real estate tax rebated for seven to 10 years. The program would “sunset” and be re-evaluated after five years.
Sloan said that, if approved, developers can use the performance agreement as a way to obtain preferred lending from a private company for a project.
An advantage of using performance agreements is that they are not tied to federal or state funds, so the county would have more control.
His remarks were part of an overview of the Special Area Plan, which the supervisors approved last April.
Jimmy Bowling, a former county planner who retired Dec. 31 after 35 years with the Planning Department, was project manager of the Special Area Plan. He said work on the plan began in 2015.
“There’s a stronger interest in revitalization than I’ve ever seen working for Chesterfield,” Bowling said.
He and Sloan noted the work of Community Enhancement director Dan Cohen, whom Sloan said is working on producing a market analysis for revitalization that should be finished by sometime in June. “We need good data for revitalization,” Sloan said.
Bowling said that the Colony Village Apartments – a project of Chester developer George Emerson – was the first redevelopment project completed over the past 10 years in the northern Jeff Davis corridor. Phase I opened in 2013 and Phase II last year, Bowling said. Colony Village is located north of Route 288 on the west side of Jefferson Davis Highway.
In addition, The Jane at Moore’s Lake began renting its self-styled “luxury apartments” late last year, Bowling said. That property is located on Moore’s Lake Road across Jefferson Davis Highway from the Bermuda Crossings Shopping Center, which is where a Cinema Café movie theater is scheduled to open later this year.
Colony Village is located north of Route 288 on the west side of Jefferson Davis Highway.
In addition, The Jane at Moore’s Lake began renting its self-styled “luxury apartments” late last year, Bowling said. That property is located on Moore’s Lake Road across Jefferson Davis Highway from the Bermuda Crossings Shopping Center, which is where a Cinema Café movie theater is scheduled to open later this year.
Transportation study
Sloan said the county is in the second phase of a transportation study.
One of the questions being considered is how to connect transit with job creation.
He said the county has applied for a three-year grant for a limited-scale transit program. The federal government would pay 80 percent of the costs.
The county is looking to hire a project coordinator too, he said.
1 Comment
This plan will bring renewed interest in an area of Chesterfield that was a vital part of the growth on the historic U.S. Route 1, looking forward to the new look on the Pike. Long hours have gone into the plan and when the renewed interest in this area of the County starts it will bring much needed improvements.