Extension of Partial Real Estate Tax Exemption. Arlington County will amend Chapter 20 Article II of the Arlington County Code (Partial real estate tax exemption for certain substantially rehabilitated, renovated or replaced commercial and mixed use structures) to extend the allowable duration of the Exemption for an additional five (5) years. As of any XXX Xxxxx Confirmation Deadline, should BNA Maintain fewer than nine hundred seventy-two (972) full-time jobs at the BNA Arlington Facility or occupy less than two hundred thousand (200,000) square feet at the BNA Arlington Facility, the County may decide to remove or reduce the duration of the Exemption. In order to qualify for the final year of the Exemption, BNA must occupy the Existing Office Space and employ the Baseline number of full-time employees at the BNA Arlington Facility through June 30, 2021. Accordingly, on July 15, 2021, BNA will provide to the County Manager a notarized affidavit reporting the number of rentable square feet that it has occupied and the number of full-time employees that it has employed at the BNA Arlington Facility through June 30, 2021.
Extension of Partial Real Estate Tax Exemption. The County will amend Chapter 20 Article II of the Arlington County Code (Partial real estate tax exemption for certain substantially rehabilitated, renovated or replaced commercial and mixed use structures) to extend the duration of the partial tax exemption for the Crystal City Rehabilitation District (the “Exemption”) for a period of 5 years. The Exemption has an estimated value to BNA of approximately $2,000,000 over 5 years. If, by the Performance Date, BNA has met its Targets and the value of the XXX Xxxxx and the Exemption total less than the $500,000 COF Grant local match requirement, subject to appropriation, the County, through the XXX, will make an additional grant to BNA at the Performance Date of the difference in value.
