MCA Summary of the Planning Committee for Tysons Corner Meeting, May 2, 2012

Restonians need to be aware of the growing challenge to financing the massive infrastructure development that will be required in Tysons Corner to support the development that has been permitted there under its recently revised Comprehensive Plan.  As reflected in this summary prepared by the McLean Citizens Association (MCA), the following are among the key points:

• The 40-year cost of the transportation infrastructure alone (excluding schools, public safety, parks, recreation, cultural amenities, etc) is $5.4 billion.   This price does NOT include the cost of financing, which will likely more than double that total.
• As of this meeting, the means for financing that huge cost remained a very contentious issue, even among developers.  On the table was a second special tax district (one already exists to cover Metrorail station costs) that some developers support, others oppose.  A number of options were discussed.  
• Not discussed here was the allocation of costs between the public sector (federal/state/local taxes) and developers--because no one could agree to a structure.  MCA has properly been advocating that the public pay no more than 25% of the costs since they will not be the ones to benefit financially from development.  In the last few weeks, the PCTC developed a proposal it will present to the County Planning Commission tomorrow (June 21) allocating the costs 52% to the developers, 48% to the public.  

These developments are extremely important in the Reston planning process because, unless the Reston Task Force takes action to avert this kind of outcome, the Tysons solution will likely serve as the model for Reston TOD area (Phase I) development.

MCA Summary May 2 PCTC Meeting 05-06-12