Stafford officials looking into financing for Aquia center

Stafford County’s staff and Board of Supervisors are looking into using tax increment financing to help jump-start the Town Center at Aquia development.

Stafford’s supervisors heard a presentation about tax increment financing (TIF) Tuesday night from an attorney with the McGuireWoods law firm. Supervisors then voted to allow staff to try to work out an arrangement with Aquia developer Ramco-Gershenson Properties Trust. If such a deal is made, it would come back before the Board for approval.

In TIF deals, some or all of the additional local taxes generated by new development goes toward interest and principal on bonds issued to pay for construction. The construction can lead to new jobs, better retail offerings and ultimately more tax revenue for the locality.

Stafford officials are discussing a TIF plan on only a portion of the Aquia development, which is off U.S. 1 in North Stafford, in hopes that the remainder would move forward more quickly as a result. Many Virginia shopping centers have used TIF to get started.

Ramco’s redevelopment of the Aquia center has been slowed by difficulty obtaining financing. The company completed a 100,000-square-foot office building at the center, but remaining plans have stalled despite leases in place with Regal Entertainment Group for a new state-of-the-art movie theater, as well as with Gold’s Gym, Bungalow Ale House, Travinia Italian Kitchen and The Learning Experience. The lack of visible progress has frustrated nearby residents.

Stafford officials have discussed the TIF possibility with Ramco, but there are no deals in place. Officials with the Michigan-based real estate investment trust could not be reached for comment.

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