The D.C. Council on Tuesday approved a $5.2 million property tax break for Chemonics, handing a victory to the for-profit international aid company that plans to consolidate its headquarters in a new office building at The Yards.
The Local Jobs and Tax Incentive Amendment Act of 2018, approved 10-3, also gives EAB Global Inc., an educational spinoff of The Advisory Board Co., a 10-year real property tax abatement of $2.1 million annually beginning in fiscal 2021. That equates to $21 million.
The bill now goes to Mayor Muriel Bowser, who is expected to sign it.
Chemonics has said the eight-year tax abatement running from fiscal 2023 to fiscal 2030 is needed to reduce the costs of consolidating its multiple locations into a new office building planned by Forest City Realty Trust. The company’s current headquarters facilities are split between D.C. and Arlington.
The company plans to move 600 employees in D.C. and 400 in Virginia to the new location at First and M streets SE in late…Read the full story from the Washington Business Journal.