Virginia is listed at the top of the best states for business in 2019. The state offers the best workforce in the nation, according to a CNBC survey. The number of professionals in STEM careers is one of the highest in the region.
As part of the deal, Amazon was offered the following by the state of Virginia -
- Workforce cash grants totaling up to $550 million for the 25,000 new jobs, or $22,000 per new job that's created with a wage of at least $150,000. That's considered the first phase of hiring. Amazon is eligible for another $200 million in grants if it creates an additional 12,850 new jobs beyond the initial 25,000.
- $295 million of nongeneral fund money in infrastructure investments, including new entrances to the Crystal City Metro station and the to-be-built Potomac Yard Metro station, improvements to Route 1, a pedestrian bridge connecting Crystal City and Reagan National Airport and a transitway expansion that serves all of National Landing.
From Arlington County, it includes:
- An annual performance cash grant totaling $23 million across 15 years tied to Amazon's ability to meet office occupancy targets for 6 million square feet in that time. Those funds come from up to 15 percent of the county's Transient Occupancy Tax, which a tourist and traveler tax for rooms or other lodging they rent in local hotels, motels or homes. Five percent of the tax goes to directly to the county's general fund while .25 percent goes to the agency that promotes tourism.
- $28 million in tax-increment financing across a projected 10 years, based on 12 percent of future property tax revenue expected from Amazon. The county said it would use that funding toward improving streetscapes, community parks, on-site infrastructure and open space in National Landing.