CULTIVATE NEW JOBS AND INVESTMENTS

2021 Discretionary Incentives Awarded

Total Taxes Collected: $1,219,656

Incentives Awarded to Businesses: $423,495

Net New Taxes to City: $796,160*

The City of Williamsburg EDA voted unanimously at its meeting on March 10, 2021, to award incentive grants to two new restaurants. The awarded incentives grant a percentage of the taxes the restaurants pay to the City over a fiveyear period, which is a revenue sharing agreement that is performance-based.

*Represents net new direct tax revenue to the City. Economic impact is larger.

“These incentives are a win-win because they draw new businesses and new revenue to the city, and the businesses earn back some of the taxes paid based on their own success. It’s important to remember that the City retains a percentage of the taxes, which is new revenue the City would not have collected without these restaurants opening here.”

— RICK OVERY Economic Development Authority Chairman

● The revenue sharing incentive for Another Broken Egg Cafe supported exterior improvements to modernize the building at 1006 Richmond Road.

● The company has more than 70 cafes located in 13 states and is continuing to grow in new and existing markets across the United States.

● The Williamsburg location will headquarter all Virginia back-office staff and be used as the South Carolina, North Carolina, Virginia, Maryland, and Delaware training facility for cafe management.

● The EDA will award revenue grants over time, after the business pays local sales and meals tax.