Small Area Economic Development Consulting
Winchester, VA Economic Development Authority
Economic Strategy
The Winchester Economic Development Authority (EDA) is a public organization focused on promoting economic growth, attracting businesses, and fostering development within Winchester City.
The City of Winchester sought to utilize Tax Increment Financing (TIF) to finance infrastructure improvements in four neighborhood design districts. They needed to understand market trends for residential, office, retail, and hotel assets to determine if sufficient tax revenue would be generated to repay the TIF bond.
Our Approach
Winchester’s EDA retained Fourth Economy to provide the following services to inform the TIF financing:
Market Analysis for residential, office, retail, and hotel sectors
Calculation of post-development value estimates for properties in the four neighborhood design districts.
Calculation of sales, meals, hotel, and business license taxes within the four neighborhood design districts.
Additionally, the team developed a TIF capacity calculation to assess repayment feasibility under a series of documented assumptions.
The Results
Fourth Economy developed a comprehensive analysis of economic and market conditions in Winchester, covering various sectors including office, retail, hotel, and residential data. It highlights employment trends by industry, demographic trends, and housing market assessments. We also modeled tax revenue projections and with supporting data for informed decision-making regarding future developments in the Neighborhood Design Districts (NDDs). As of January 2025 Winchester is actively pursuing developers and securing public funding to support the NDDs.
Location
Winchester, VA