January 31, 2017

Mixed Use Developments: Much Revenue, Few Students

Of the 2,670 FCCPS students, what percentage live in the 7 mixed-use condo or rental apartment buildings that have opened in the past 15 years.

A. 35 percent

B. 17 percent

C. 8 percent

If you picked C, you’re correct. In all the newer buildings combined — Broadway, Byron, Spectrum, Pearson Square, Read, Northgate and WestBroad — there are 218 students, or less than 10 percent of FCCPS’ total enrollment.

Because of their low public-service costs, these 7 buildings, taken together, are strongly revenue-positive for The City. They pay far more taxes than they cost in public expenditures.

This net revenue helps us bear the cost of schools and City services and facilities. Without this net revenue, our property tax rate would be about 10 cents higher, or $700 annually added to the tax bill of the typical homeowner.

[I will update this information as soon as I get the official end-of-September student enrollment figure from FCCPS, and the student count in Lincoln Tinner Hill, which opened during the last school year. I’ve heard that FCCPS student enrollment growth from 2016 to 2017 was modest, and that the student count in LTH is on track with projections. So I believe it will remain true that only about 10 percent of FCCPS students come from the newer MXD buildings.]

 

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