Small Area Economic Development Consulting
Winchester, VA Economic Development Authority
Economic Strategy
The Winchester EDA (Economic Development Authority) is a public organization focused on promoting economic growth, attracting businesses, and fostering development within Winchester City
The city of Winchester wanted to contract TIF to finance infrastructure improvements in four neighborhood design districts. They wanted to understand the trends for different market assets such as residential, office, retail, and hotel, and determine if they would have enough tax revenue to repay the TIF bond.
Our Approach
Winchester's EDA retained Fourth Economy to deliver the following services to inform the TIF financing:
Market Analysis for residential, office, retail, and hotel
Calculate post-development value estimates for properties in the four neighborhood design districts
Calculate sales, meals, hotel, and business license taxes within the four neighborhood design districts.
Additionally, the team put together a TIF capacity calculation to assess repayment feasibility under a series of documented assumptions.
Location
Winchester, VA