Fredericksburg approves agreements with three companies
- August 9, 2017
Fredericksburg City Council has approved agreements with three companies that are expected to bring nearly 200 professional jobs to the city.
The performance agreements involve QRC Technologies, IST Research and ILM Corp., which plan investments in the city totaling about $9 million. Combined, the companies will occupy space of about 43,000 square feet.
The council said the companies all represent the type of businesses and jobs targeted for the city and region.
The five-year performance agreements with the three companies will allow them to receive a 100 percent waiver on their business license taxes for the first three years and a 50 percent waiver for the next two years.
The agreements do not include any upfront money from the city.
“One of our very top priorities is to make business attraction and expansion the focus of economic development and bring family-sustaining careers to the city,” Fredericksburg Mayor Mary Katherine Greenlaw said in a statement. “The nearly 200 well-paid jobs created by QRC, ILM and IST will attract and retain talent to our region and give local residents an employment option that doesn’t involve early mornings or late nights spent commuting to and from Northern Virginia.”
QRC plans to relocate to the 29,000-square-foot building at 1191 Central Park Boulevard. The company, located nearby at 1211 Central Park Boulevard, wanted to consolidate operations at an expanded headquarters facility.
IST Research plans to relocate from 3006 Lafayette Boulevard to a former residential property at 401 Hanover St. in downtown Fredericksburg that is roughly 6,000 square feet. IST will occupy the entire building.
ILM’s owner is constructing a 15,000-square-foot building in the Cowan Crossing development. The company plans to relocate early next year to about 8,000 square feet in the building from its current home at 600 Lafayette Boulevard. The remaining space in the new building, as well as the Lafayette Boulevard office, is available for other businesses.
In the coming months, the city council plans to consider a revamped incentive policy to help bring additional high-quality jobs to the city.
The city is also looking at ways to reduce business license taxes citywide in the coming years.