NEW JOBS AND INVESTMENTS

2021 Discretionary Incentives Awarded

Total Taxes Collected: $1,219,656 Incentives Awarded to Businesses: $423,495 Net New Taxes to City: $796,160*

The City of Williamsburg EDA voted unanimously at its meeting on March 10, 2021, to award incentive grants to two new restaurants. The awarded incentives grant a percentage of the taxes the restaurants pay to the City over a fiveyear period, which is a revenue sharing agreement that is performance-based. *Represents net new direct tax revenue to the City. Economic impact is larger. “These incentives are a win-win because they draw new businesses and new revenue to the city, and the businesses earn back some of the taxes paid based on their own success. It’s important to remember that the City retains a percentage of the taxes, which is new revenue the City would not have collected without these restaurants opening here.”

— RICK OVERY Economic Development Authority Chairman

CASE STUDY Another Broken Egg Cafe expands to Williamsburg, Virginia with the opening of its first location in the state.

● The revenue sharing incentive for Another Broken Egg

Cafe supported exterior improvements to modernize the building at 1006 Richmond Road. ● The company has more than 70 cafes located in 13 states and is continuing to grow in new and existing markets across the United States. ● The Williamsburg location will headquarter all Virginia back-office staff and be used as the South Carolina, North

Carolina, Virginia, Maryland, and Delaware training facility for cafe management. ● The EDA will award revenue grants over time, after the business pays local sales and meals tax.

Midtown Row

GRAND OPENING

On Sept. 24, 2021, Midtown Row hosted its grand opening. This $120 million mixed-use redevelopment project is on 25 acres with 237,520 square feet of commercial product and 240 fully leased residential units.

» midtownrowwilliamsburg.com

Juicing Life Bar, which will be opening a storefront at Midtown in 2022, set up a tasting table at the event. (left to right) – EDA Chair Rick Overy, Commissioner of the Revenue Lara Overy, Interim Economic Development Director Yuri Adams, City Engineer Aaron Small, City Manager Andrew O. Trivette, Principal Planner Erin Burke, Assistant City Manager Michele Mixner DeWitt

(left to right) – Broad Street CEO Mike Jacoby, City Council Member Barbara Ramsey, Mayor Douglas Pons, City Manager Andrew O. Trivette

Brass Wind (band) playing at the opening