Amazon (Nasdaq: AMZN) has received approval for government incentives with regard to its plan to establish a new headquarters at development sites operated by JBG Smith (NYSE: JBGS) at National Landing in Arlington, Va.
JBG said Monday the Arlington County Board’s five members on Saturday cleared an incentive agreement that would provide Amazon with up $23M over a 15-year period in exchange for efforts to occupy about 6M square feet of space and generate over 25K jobs with an average annual salary of $150K by 2035.
“The Arlington County Board’s unanimous support for Amazon’s HQ2 project represents a major milestone in the collective effort to establish National Landing as a global hub for innovation and technology,” said JBG CEO Matt Kelly.
Kelly added the vote seeks to reflect the Northern Virginia community’s support to a project that aims to create jobs, boost local tax revenues and promote new investments in the region’s affordable housing, transportation and educational infrastructure.
The Virginia General Assembly approved a measure in January to provide Amazon with performance-based incentives worth up to $750M.
Amazon selected JBG in November to serve as its development partner, property manager and retail leasing agent for its HQ2 project.