McLEAN, Va. - The Fairfax County Board of Supervisors has approved a 40-year funding plan to require developers, businesses and residents in Tysons Corner to pay to help transform it into a downtown hub.
The board voted 7-2 Tuesday to advance a plan to set up a new tax district in Tysons to pay for transportation improvements. It would generate $250 million from landowners over the next 40 years.
Under the plan, real estate taxes are expected to increase by about 8 percent. The board rejected a provision that would have exempted residential landowners, so residents will be asked to pay, too.
About 100,000 people work in Tysons, and about 18,000 people live there.
A vote on establishing the tax district is expected later this year or in early 2013.
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