CHESTERFIELD, Va. (WRIC) — The Chesterfield Board of Supervisors is considering a tax deal that would see them give up as much as $41 million in property taxes on a proposed waterpark and housing complex on Route 288.
The tax break, which will be voted on at a board meeting on Wednesday, July 27, was proposed by Garrett Hart, director of the Chesterfield Economic Development Authority. The resolution states that the project is expected to “provide significant economic benefits to Chesterfield County.”
County staff also predicted that once the waterpark, housing and retail spaces are complete, the property will be worth about $323 million — an enormous increase over the current county-assessed value of $4.7 million.
Under the proposed deal, Lake Adventures LLC, the company behind the project, would have 80% of their property taxes returned to them as a ‘grant’ for the next 10 years, and 60% over the ten years after that.
The discount will only apply to any increase in property value over the site’s current valuation. If the property tax rate remains at 0.92% over the next twenty years – and assuming the county’s estimate of the project’s value is correct – the county would be losing up to $41,249,770 in tax revenue.
What the Project Will Bring
According to zoning documents, the central waterpark (section D above) will feature a minimum of 13 acres of “lakes,” with either a white water park or surf pool as the main attraction. Only once construction is “committed and commenced” on those portions of the project will the company be allowed to start work on the retail and residential areas.
The commercial space (section E above) could include a brewery, other shops and up to 546 apartments. Another 290 apartments will be permitted in Section A, along with up to 360 townhomes in Sections B and C.
The zoning approval also notes that the development is expected to add between 35 and 91 new students to Swift Creek Middle School, which is already at 99% capacity. The county recently announced plans to build a new middle school in Western Chesterfield, which might ease the burden on crowded schools in that portion of the county.
The board of supervisors will meet at 6 p.m. on Wednesday, July 27 in the public meeting room at 10001 Iron Bridge Road. Public comment can also be submitted online through the county’s portal.