Manassas Journal Messenger | Innovation@Prince William may earn county profits
After utilities are installed and roads are paved and signaled, property in western [email protected] William could sell for seven times the amount the county paid per square foot in 1997.
While Prince William County paid about 40 cents per square foot for almost 500 acres, it can sell the remaining 330 acres for close to $3 per square foot, said Christopher Martino, the county’s director of finance.
He said the county can look forward to seeing $43.4 million in its coffers as it sells the remaining land at its high-tech business park between Godwin Drive and the Va. 234 Bypass.
Of course, that’s after nearly $5.6 million in utility improvements and wetland mitigation in addition to at least $3.6 million in new roads.
Most of the 330 acres of soon-to-be marketable property can be found in the green open space west of the Va. 234 Bypass.
Prince William County Supervisors have taken out a line of credit to pave roads, install sewer and water lines, mitigate wetlands and build storm water ponds.
That line of credit is not to exceed $7.9 million and would be paid with money made from the land’s purchase, according to Martino. The county’s line of credit is tax exempt.
“The money is not leaking out to other needs,” said Martino. “It’s staying very focused.”
He described how already $1 million in design and demolition work has been completed using land sale money.
Eli Lilly, a major pharmaceutical manufacturer, broke ground for an insulin plant on 120 acres at Innovation last week. It will be located near George Mason University, American Type Culture Collection and Logistech.
Using money from land sales, the county has paid off its loan to purchase [email protected] William land for $8.5 million.
The price for a walking trail system, admittedly complicated by increased post-Sept. 11 security concerns, were not yet available, said Martino. The added features would make [email protected] William “more livable,” said Sean T. Connaughton, Prince William Board of Supervisors’It would be nice to get a little token of appreciation from someone as lovely as Lady Luck.
Chairman-at-Large.
“We feel like we have a very sound five or six year plan here,” said County Executive Craig Gerhart. “All it will take is money.”