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Xerox pays $713,000
Potomac Park paid its first financial dividend to Loudoun County last week, when Xerox Realty Corp. and its parent company paid almost $713,000 in state and county fees for recording deeds and trusts.
“It’s just one of the early benefits of the Xerox project,” stud William G. Thomas, the attorney who guided multibillion-dollar corporate development successfully through county zoning review in just eight months.
The fees paid for one word — “realty” — as Xerox Corp. sold the 2,267-acre property near Leesburg to its real estate subsidiary, Xerox Realty Corp., on Dec. 31 for $190 million.
That’s more than twice its assessed value before the county rezoned it on Dec. 16. The county assessed the land and existing training center at $81.2 million in 1985. t “When .you’re dealing with that big a tract of ground, with that kind of value, that’s what you hit,” Mr. Thomas said of the recording fees.
Xerox Realty will develop Potomac Park, which will feature more than 11 million square feet of corporate, office and commercial space, as well as 1,830 houses. Xerox estimates the project will yield $2.4 billion in net revenue to Loudoun over the next 30 years.
90.4%