Tax break approved for ‘The Lake’ project in Chesterfield
A surf park and lake for water recreation activities will anchor the area
CHESTERFIELD, Va. (WWBT) - The Board of Supervisors on Wednesday approved a performance grant agreement with Lake Adventures LLC, the developer behind a 105-acre mixed-use project planned at Genito Road and Route 288.
“The Lake project, which represents an estimated $323 million capital investment, is strategically important to Chesterfield as an economic development asset,” Chesterfield County posted on its website.
A surf park and lake for water recreation activities will anchor the area, the county says.
The area is near the 115-acre River City Sportsplex, which draws thousands of people to Chesterfield each year for sports tournaments.
“A certain percentage of those visitors leave the county after exiting the facility because of a lack of lodging, eating, shopping and entertainment options,” the county said. “Offering a more customer-friendly experience, and in turn keeping more of those sports tourism dollars in Chesterfield, will benefit individual businesses, bolster the local economy overall and drive additional tax revenue.”
Under the performance grant agreement, Lake Adventures will receive an annual grant from the Chesterfield Economic Development Authority for 10 years “equal to 80% of the increase in real estate, sales and occupancy taxes paid on the commercial and entertainment portions of its property.”
That percentage then drops to 60% in years 11 through 20.
“Once the agreement expires, Chesterfield is projected to collect about three times that much in real estate, sales and occupancy tax revenue going forward,” the county said.
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