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Old 02-09-2015, 08:23 AM
 
601 posts, read 593,867 times
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Quote:
Originally Posted by merlinflex View Post
One of my family members is an exec at Inova and the agreement to purchase the Exxon land has already been inked. Was Done in Sept or Oct I believe
I've heard the same. I was REALLY hoping that this parcel could go to a taxable entity, but no, of course not.

Last edited by TheWatchmen; 02-09-2015 at 08:51 AM..
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Old 02-09-2015, 12:12 PM
 
601 posts, read 593,867 times
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It's official.

Annandale VA: Inova will develop medical research institute on ExxonMobil site
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Old 02-09-2015, 07:13 PM
 
406 posts, read 620,510 times
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yes, no surprise at this point. interesting that the actual sale may not occur for up to 5 years per WP. the tax list hit sucks, but a large infusion of quality jobs helps ease the pain
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Old 02-10-2015, 05:29 AM
 
Location: MID ATLANTIC
8,676 posts, read 22,948,848 times
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The jobs that go along with the complex will not do any harm - far from it. They want this institution to rival Johns Hopkins, Mayo, Mass General. A medical destination - hotels and other guest services will follow. We may not get tax dollars from the sale, but they will be generated in other ways. Better than spending another 3 years vacant.
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Old 02-10-2015, 07:54 AM
 
601 posts, read 593,867 times
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Quote:
Originally Posted by SmartMoney View Post
The jobs that go along with the complex will not do any harm - far from it. They want this institution to rival Johns Hopkins, Mayo, Mass General. A medical destination - hotels and other guest services will follow. We may not get tax dollars from the sale, but they will be generated in other ways. Better than spending another 3 years vacant.
Well, its not tax collection from the sale - it is the year-over-year property tax collection that the county will be missing out on. Even as Exxon Mobil was vacating the property, they paid about $2 million a year in property taxes on that parcel to Fairfax County, which INOVA, as a non-profit institution, is exempt from. Also, the county supposedly rebuffed the sale of that land to the FBI due to this reason. This article outlines it better than I ever could.

For Fairfax County, is Inova any better than the FBI on the Exxon Mobil campus? - Washington Business Journal

I understand that welcoming billion dollar non-profit and governmental organizations, such as hospitals, universities, and government agencies, to reside tax-free in an area brings a lot of fringe benefits.

I pay more in property taxes on my .25 acre parcel of land than INOVA ever will be subject to Apples and oranges, I know, but funny to think about.

I'm mostly happy that they say they are going to keep the acres of woods that are there. It is a beautiful campus.
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