The City made $8.4 million from the sale of the Virginia Tech (VT) grad center in November 2023. Favorable lease terms between the City and VT allowed VT to make a deal with Converge, one the City saw had benefits. VT received $16.6 million.
The City’s initial financial expectations from the public-private partnership were repeatedly revised downwards, primarily due to COVID. Higher returns from the West Falls project for the developer and investors were achieved by lowering payments to the City.
The 2013 Boundary Adjustment Agreement created an opportunity for the City to finance a new $120-million high school from lease payments and additional taxes by allowing 10 acres of land, now called West Falls, to be developed in a public-private partnership.
The Water Wars between the City and Fairfax County resulted in the sale of the water utility and a tax increase for residents. However, the boundary adjustments brought opportunities in West Falls and the Gordon Road area.
