The Institute for Defense Analyses should soon have the necessary funding for its long-awaited Potomac Yard headquarters.
Alexandria City Council on Tuesday is expected to approve the issuance of up to $249.4 million in Industrial Development Authority bonds to support the land acquisition, construction and furnishing of the IDA office building and conference center planned for 701 E. Glebe Road. The institute acquired that site in April 2016 for $10.1 million, according to Alexandria property records. It has been planning a new headquarters since at least 2012.
The project, per the bond resolution, will total 370,000 square feet above grade, comprising two six-story towers over a two-story base, along with two stories of below-grade parking.
IDA bonds are backed by the borrower, not by the full faith and credit of either Alexandria or the state of Virginia.
According to a fiscal impact statement, Alexandria expects to collect $1.8 million in annual real property taxes tied to the…Read the full story from the Washington Business Journal.