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Ballston Quarter

Arlington, Virginia

The former Ballston Commons Mall, located at the Ballston MU Metro Station, is at the heart of a significant employment center in Arlington County. With the mall in decline, it was imperative that the county foster the redevelopment of the mall to create an amenity for this employment area that would help retain these jobs in the county. Arlington County used tax increment financing to provide the owner of the mall an incentive for its redevelopment. The redevelopment of the mall included adding 406 apartment units, renovating the parking, and replacing 360,000 sf of retail space with entertainment and dining. The redevelopment included opening a portion of the mall to daylight. The Ballston Quarter Community Development Authority, created by Arlington County, issued $44,160,000 of tax-exempt bonds and $15,710,000 of taxable bonds to fund construction of roads and streetscape, plazas, parking, and a pedestrian bridge. The bonds are secured by real property, sales, and meals tax increment revenues, with a backup special assessment to ensure sufficient revenues to repay the bonds. Fairfax County will have no liability for the repayment of the bonds other than the pledge of the incremental real property, sales, and meals taxes.