The Fairfax County Board of Supervisors on Tuesday is expected to adopt the rulebook that will guide the collection of hundreds of millions of dollars for Tysons road improvements.
The board previously approved two new Tysons road funds, one for a areawide transportation project and another for the Tysons street grid. Both will become effective on Jan. 1. The two funds will finance a portion of the $3 billion in upgrades needed over the next 40 years in Tysons.
For the areawide fund, developers will pay $5.63 per square foot of commercial development and $1,000 per residential unit. The “grid of streets” charge will run $6.44 per square foot of commercial and $1,000 per residential unit.
In both cases — for all projects excluding residential — developers will be required to pay 75 percent of their total fund contribution prior to site plan approval, and the remaining before building permits are issued.
For residential, 100 percent of the total required contribution, minus any credits, will be due when the occupancy permits are issued.
Through the funds, developers (and by extension, their tenants/home buyers) are expected to pay $300 million for the street grid and $253 million for the Tysons upgrades through 2051.
The areawide improvements (see image to the right) are expected to run $1.2 billion. They include the widening of Route 7 from Route 123 to the Beltway and from the Dulles Toll Road to Reston Avenue, the widening of Route 123 from Route 7 to the Beltway and from the Beltway to Interstate 66, two new Toll Road ramps and two Toll Road collectors, and a new Beltway overpass at Tysons Corner Center.
