(Washington, DC) - The Fenty administration’s incentive package for UNCF (formerly United Negro College Fund) to relocate its headquarters to the District from Fairfax, Virginia was unanimously approved by the city council. The proposed relocation site for the new UNCF Headquarters project is located at the northeast intersection of 7th and S Streets NW. Formerly known as Broadcast Center One, the project is in Ward 1’s Shaw neighborhood where the organization has agreed to purchase an office condominium effectively commencing construction of the 320,000 square foot, $144 million catalytic neighborhood development project.
The package, crafted by the Office of the Deputy Mayor for Planning and Economic Development, includes $3.6 million real estate tax abatement over 10 years, starting in fiscal year 2012, and relocation assistance through a grant of $710,000.
While the incentives package allows UNCF to make a cost-neutral move, benefits to the city include: a 5,000 square foot College Knowledge Center; college readiness and academic planning for parents and students; college resource center with access to technology resources and computer kiosks; a location to host college fairs and other educational events; meeting space for community-based organizations providing college workshops; scholarship support to District residents and students attending District colleges and universities.
“The benefits of UNCF’s relocation mean increased access to important services for our residents and educational institutions,” said Deputy Mayor Valerie Santos. “This headquarters commitment and the construction of the UNCF Headquarters project are important achievements in our neighborhood revitalization efforts.”
In addition to new job opportunities for DC residents, internships for college students, an estimated $3.7 million in new taxes generated over 20 years and $1.3 million in annual new spending or retail demand, UNCF will be required to comply with First Source and Certified Business Enterprise agreements.
Groundbreaking on UNCF Headquarters project is slated to occur within months. UNCF is expected to occupy in May 2012.