After months of negotiation, the City of Bristol Virginia and Washington County, Virginia have formally agreed to a working resolution that will allow the two localities to collaborate for the betterment of the region.

In a joint meeting between the Bristol, Virginia City Council and the Washington County Board of Supervisors, Bristol Mayor Guy Odum and Dulcie Mumpower, Chairwoman of the Washington County Board of Supervisors, signed documents that lay the groundwork for a cooperative effort to promote regional growth in retail development to the mutual benefit of the City and the County for the next fifteen years.

The agreement will be executed in two parts, beginning with the County’s commitment to drop litigation that would have prevented The Falls project from moving forward. In return, the City will expand the footprint of The Falls DRI to include 180 acres of property located in the county in the vicinity of Exit 7.

“We will wholeheartedly support and endorse Washington County’s request to be included in our legislation,” said Odum. “In return, the County has agreed to withdraw its continued opposition to The Falls funding mechanism, and become a partner in its continued development,” he added.

Additional details include City-County revenue sharing for the expanded area of the development of regional impact, as well as a 50/50 share of generated tax revenue from any retail business that moves from City to County or vice versa, excluding those already in negotiation with The Falls developer.

One specific retailer already in negotiations with the developer of The Falls, and not yet announced, represents valued revenue to the county that could be lost should the retailer decide to relocate to The Falls. The City has agreed to ensure that any relocation will be revenue-neutral (approximately $350,000) for the County.

This is accomplished through further commitments by both the City and its developer to backfill the resultant empty retail space with new retailers. These retailers, while not announced, are expected to generate revenues approximating those at stake. The City will remedy any shortfall using its own revenues.

The amount of compensation, $350,000, is based on average revenues to the County over the past three years. If the retailer does not relocate, then the payment is either stopped or reimbursed, depending upon timing of certain events.

“Once fully developed, The Falls development of regional impact will truly be a regional attraction, providing jobs for our citizens and expanding the revenue tax base for both the City and the County,” said Mumpower. “The expansion of our shared existing retail corridor on both sides of Exit 7 will provide direct and indirect benefit to the county, to the city, and to the state through the completion of The Falls DRI across jurisdictional boundaries,” she added.

“This is history in the making,” said Odum. “We are excited about a fresh start and a bright future, and becoming partners in progress with Washington County. United, we will be an economic development force to be reckoned with,” he added.

View Agreement

For more information, please visit Bristol, VA or call (276) 645-7300