City officials are set to consider granting $1 million in incentives for a completed office-to-multifamily conversion in the former Federal Bureau of Investigation field office in Arlington.
According to a memo from the Office of Economic Development to the Mayor’s Budget Review Committee, the city would award a 10-year, 75% Recapture Enhanced Value Grant to Theotokos Holdings LLC for a portion of the three-building property at 7820 Arlington Expressway.
A REV grant is a refund on ad valorem tax revenue generated by a new development or property enhancement. It can apply to property and tangible personal property…