Subsidy Tracker Individual Entry

Company: 
Gallery Place
Parent Company: 
Western Development Corp.
Subsidy Source: 
state
Location: 
District of Columbia
City: 
Washington
Project Description: 

mixed-use development

Year: 
1999
Major Industry of Parent: 
real estate
Specific Industry of Parent: 
real estate
Subsidy Value: 
$84,000,000
Program Name: 
multiple
Awarding Agency: 
multiple
Type of Subsidy: 
MEGADEAL
Capital Investment: 
$200,000,000
Source of Data: 

The value and the breakdown of the subsidy package and the investment projections are taken from: Jackie Spinner, "Gallery Place office tower sought," Washington Post, November 22, 2000. For more detailed description of the project, see Economic Development in Washington, DC (Good Jobs First, November 2002); available online at: http://www.goodjobsfirst.org/sites/default/files/docs/pdf/dc.pdf

Notes: 

The package included $75 million in TIF bond financing backed by sales and property tax revenues in the TIF district established at the project site (and if necessary, also from other parts of the city). The package also included $7 million in tax abatements and fee waivers and $2 million for street improvements at the site. Overlaps with main Subsidy Tracker data: none.

Source Notes: 
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