MuniCap, Inc.MuniCap, Inc.Vacant land on the Dulles Toll Road at the last metro station before reaching Dulles International Airport is being developed as a project that will leverage Loudoun County’s position as the leading location in the world for data storage. Innovation Station is intended to leverage this position to develop a highly amenitized project that will provide an ideal location for the hi-tech fields of cyber security and icloud computing. Proximity to Dulles International Airport and a metro line providing access to D.C. will strengthen the opportunity for this economic development strategy. The project is proposed to consist of 1,825,000 sf of office space, 348,000 sf of retail space, 280 hotel keys, 2,735 apartment units, 7,925 structured parking spaces, an entertainment venue, two significant parks in the midst of the development, and a large central plaza and gathering space. Loudoun County is working with the development team on TIF bonds to be issued in the amount of $125,000,000 for the first phase of development to fund construction of roadways, utilities, parks, plazas, structured parking and associated soft costs. The bonds are proposed to be secured by a pledge of real property tax increment revenues, with a backup special assessment to ensure sufficient revenues to repay the bonds. Special assessments are utilized to ensure the developer produces sufficient revenues to repay the bonds. Loudoun County will have no liability for the repayment of the bonds other than the pledge of incremental real property taxes.