‘The Lake’ project moves forward in Chesterfield
CHESTERFIELD, Va. (WWBT) — The Board of Supervisors on Wednesday approved a performance grant agreement with Lake Adventures LLC, the developer behind a planned 105-acre mixed-use project on Genito Road and Highway 288.
“The Lake project, which represents an estimated capital investment of $323 million, is strategically important to Chesterfield as an economic development asset,” County of Chesterfield published on its website.
A surf park and lake for water recreation activities will anchor the area, according to the county.
The area is close to the 115-acre River City Sportsplex, which draws thousands of people to Chesterfield for sports tournaments every year.
“A certain percentage of these visitors leave the county after leaving the facility due to a lack of accommodation, dining, shopping and entertainment options,” the county said. “Providing a more user-friendly experience, and therefore keeping more of those sports tourism dollars in Chesterfield, will benefit individual businesses, strengthen the local economy as a whole and generate 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 property, sales and occupancy taxes paid on commercial portions and entertainment from his property”.
This percentage then drops to 60% in years 11 to 20.
“Once the agreement expires, Chesterfield is expected to collect approximately three times as much revenue in real estate, sales and occupancy taxes going forward,” the county said.
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