Under the deal, the city would essentially reinvest tax revenue generated by the sale of movie tickets and concessions at a long-awaited cinema in the Founders Row development.
This tiny Northern Virginia suburb could be sealing the deal on that cinema with an unusual shot in the arm: Its own tax dollars.
The deal was originally inked about seven years ago between Falls Church and a business entity tied to Mill Creek Residential Trust, a developer based in Bethesda, and it has been transforming the site formerly home to a gas station and a convenience store. That plan is supposed to be in place for the next 30 years. If the theater makes $13 million in four consecutive fiscal years, the subsidies are eliminated.
When it comes to economic development deals such as this one, “the devil is in the details,” he said. “You have to ensure you’re being wise with taxpayer money.”
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