A venture capital fund could get a grant to set up an investment hub in Crystal City hub.
At its Saturday meeting, the Arlington County Board will consider a proposed agreement with SineWave Ventures for an incentive-based economic development grant.
Up to $250,000 would be paid over five years under the terms of the deal, depending on performance.
SineWave is aiming to develop a central hub of similar tech-focused venture capital firms, in an office building at 2231 Crystal Drive, to invest in new companies. SineWave provides early-stage investment in businesses that develop technology for potential use in the public sector, including in the fields of cybersecurity, data and networking.
The agreement stipulates that SineWave must attract five capital providers and partner companies to lease office space, and create at least 391 new full-time jobs. There are other goals for investment reviews and the provision of educational events for local entrepreneurs.
If SineWave has not achieved 90 percent of its targets, it will be required to pay the grant money back to the county. A staff report on the plan estimates Arlington will receive $430,000 gross tax benefit over 10 years; or $180,000 net tax benefit after the full grant is paid.
County staff wrote that the plan will help fill vacant office space in the area and attract new businesses.
“With respect to Arlington’s ongoing vacancy challenges, the Crystal City submarket continues to need companies and investment to diversify and rebuild its tenant base,” staff wrote. “The proposed partnership with SineWave aligns with the County’s economic development strategy to attract key co-working operators, business incubators/accelerators and venture funds; SineWave adds another critical piece to the budding technology ecosystem in Crystal City.”
Image via Vornado
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