WASHINGTON - Moving the Federal Bureau of Investigation's headquarters from one of the most desired properties within Washington, D.C., could mean thousands of jobs leaving the District, but also could mean big bucks for the city, according to a new study.
The FBI's J. Edgar Hoover Building, 935 Pennsylvania Avenue, NW is a property-tax- exempt building, but moving the agency's location to a suburban site could generate $28 million in yearly tax revenue if the site were redeveloped, according to a new study.
The study, done by the National Academy of Public Administration and Bolan Smart Associates, also shows relocating the FBI could mean moving 4,800 jobs outside the District — an economic impact of about $9.2 million, according to a Washington Post story.
"There is a substantial yearly tax revenue benefit flowing to the District from replacing the current FBI Headquarters with a private-sector redevelopment," it said in the study. "There will be a net overall loss of jobs if the FBI leaves the District. The District can realize both incrementally higher yearly tax revenue and employment gains from having Poplar Point, or another District property selected as the relocation site, particularly when the transaction is structured as a private lease."
In February 2013, the District proposed moving the FBI to Poplar Point, a 110-acre site between the Anacostia River and Howard Road SE. Moving the headquarters to Poplar Point could mean a net revenue increase to the tune of $62 million per year, according to the Washington Post story.
While replacing the FBI's headquarters with a mixed-use private development could be a positive for the city, don't expect any immediate changes. The study's scenario included the FBI staying in its Pennsylvania Avenue address until 2022 or later, delaying development until about 2025.
To read the study's findings, view the documents below.
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