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The Advancement Foundation’s request to be exempt from having to pay property taxes on its Virginia Innovation Accelerator was granted Thursday by Buena Vista City Council.
In the ordinance granting TAF the tax exempt status, language was included that makes clear that the designation doesn’t extend to individual businesses within the VIA and that TAF’s tax exempt status will be reviewed annually.
“I support the core mission [of TAF],” said Todd Jones, adding that he thinks the tax exemption is appropriate. He asked for the clarifying language, he said, to ensure affiliated businesses do have to pay taxes and that TAF would have to pay taxes in the future if it no longer qualified for the exemption.
Michelle Poulukis, the lone dissenter in a 6-1 vote to approve the exemption, expressed confusion over why the exemption was needed. “Why is there a need for this exemption if all of this business is being created?” she asked.
Annette Patterson, TAF president, said finances are “very tight” for the VIA, that its expenditures are exceeding its revenues thus far. “We’re setting up something that’s going to be transformative,” she said. “We want this to be a model.”
“I’m supportive of it,” said Ron Cash. “I think it’s a good thing.” Melvin Henson made a motion to approve the exemption, which was seconded by Steve Webb and passed 6-1.
The VIA, which is located in the former Mundet- Hermetite factory building, offers space and entrepreneurial expertise for startup businesses. Without the exemption, estimated annual real estate taxes for the property would be $11,000.
