|
Economic Development
Economic Development Office
The Economic Development Office (EDO) is charged with many tasks, one of which is assisting local businesses. EDO staff bring years of hands-on development experience to help you find solutions to your business expansion or relocation needs!
EDO Services
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accessible Government
One of the benefits of working in a small City is that our government departments are accessible. With the EDO as your contact, we are here to answer your questions and link you to appropriate staff.
Advocacy/Ombudsman
The EDO staff and Economic Development Authority Board will serve as your liaison and ombudsman with City departments and commissions for select commercial development projects and other business needs.
Business Information
Get the economic, demographic, and market information you need to assist your business.
Business Site or Building Location Assistance
Whether you are a new or existing business, City of Falls Church EDO staff is here to help locate a commercial space that will suit your needs.  Click Here to View the Current List of Available Commercial Space.
EDO staff can also run a FREE customized Co-Star real estate database search for you. This is the same database utilized by commercial brokers. Contact the EDO at 703-248-5491 (TTY 711) or econdev@fallschurchva.gov.
Project Development
Tenant Recruitment, bond financing, and public initiatives through the EDA's resources are available.
Small Business Assistance
We have compiled a list of helpful links directing small businesses to a myriad of resources in the public and private sector. Small Business Assistance Links & Resources
Business Incentives
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Commercial Property Rehabilitation Tax Abatement Program
In November 1996, the City Council adopted an ordinance directing the City Assessor to develop a program "... to provide an exemption for certain rehabilitated, renovated or replacement commercial real estate." By July 1997, that program was in place and operating consonant with state statute, the aforementioned City ordinance, and the forms, rules and regulations attached hereto.
While the program does not apply to all of the ongoing development initiatives in Falls Church, it may be of significant value to eligible projects. The Economic Development Authority (EDA) does not administer this program, but works very closely with the Assessor to ensure that it is considered, if appropriate.
Commercial Property Rehab Information/Application
Industrial Revenue Bonds (IRBs)
The Economic Development Authority (EDA) has the legislative authority to issue private activity tax-exempt bonds to finance the acquisition of land, buildings, or new capital equipment for businesses. These tax-exempt revenue bonds are only available to 501(c)(3) nonprofit organizations and manufacturing facilities located in the City of Falls Church that meet the qualifications and restrictions defined in the Federal Tax Code. The availability of this tax benefit generally results in a lower interest rate for the user of the borrowed funds.
The EDA itself does not provide any funds for the financing of facilities. It is the applicant's responsibility to locate a funding source by applying directly to financial institutions or by using the services of an underwriter. The EDA cannot guarantee that the bonds it issues qualify for tax exemption under the Internal Revenue Code.
All applicants should first seek counsel from a professional accountant and an attorney specializing in bond counsel. The EDA does not render tax advice or opinions to applicants. IRB Application
Technology Zone Program
Falls Church is the only jurisdiction in the Commonwealth of Virginia that has the entire city designated a Technology Zone. Designated technology businesses located anywhere within Falls Church are now eligible for total exemption from BPOL taxes, for up to three years. For technology companies locating within the City, a simple request can translate into thousands of dollars saved every year, during the critical start-up period. Technology Zone Program Savings/Application
|
