(Washington, DC) – Today, Mayor Muriel Bowser and the Office of the Deputy Mayor for Planning and Economic Development (DMPED) hosted the ninth annual March Madness, a special preview of new and upcoming development projects, grant programs and other initiatives that will provide more affordable housing, neighborhood amenities, support for small businesses, and employment opportunities for DC residents. At the event, Mayor Bowser announced that two businesses, KTGY and Quadrant Strategies, will expand their footprint in DC through the Vitality Fund.
“This March Madness, we are focusing our attention on DC’s comeback,” said Mayor Bowser. “We know that we must act boldly to bring back our downtown – it is the economic engine of our city. With the Vitality Fund and other tools, we can reimagine our downtown spaces; we can change the spaces, fill the spaces, and bring people back – to live and to work.”
The Vitality Fund is a new multi-year, performance-based incentive program designed to support existing companies in target industries actively planning to relocate, expand, or retain their physical location in Washington, DC. It has already influenced Virtru Corporation, an innovative cybersecurity company and first applicant of the program, to stay and grow in DC.
The two new approved Vitality Fund participants that will expand their footprint in DC are KTGY Group, an architecture firm headquartered in Irvine, CA, which will relocate its regional office from Tysons Corner, VA to downtown DC and Quadrant Strategies, a DC-based market research firm, which will expand into a new leased space and create new jobs in Ward 3. Through the Vitality Fund, KTGY, Quadrant Strategies, and Virtru will create an estimated 350 new jobs, lease over 47,000 square feet, and invest $6.7 million in their office spaces. The projects are expected to generate $2.9 million in tax revenue for the District.
To be eligible for the Vitality Fund, companies must have at least 25 employees, agree to lease or own at least 7,000 square feet for a minimum of five years, be in an eligible industry, and be actively considering relocating or expanding its office in DC. Companies that receive an award from the Vitality Fund must also commit to having their employees on-site at least 50% of the time in the aggregate, either provide workforce development programs or commit to local contracting, and comply with all relevant District laws.
“The Vitality Fund is helping us attract businesses like Quadrant Strategies, KTGY, and Virtru,” said Deputy Mayor John Falcicchio. “In addition to investing in office space and helping to increase foot traffic along our commercial corridors, tools like our Vitality Fund are helping us reach our goals of creating 35,000 jobs in high-growth sectors. Our comeback is interconnected—by attracting employers we are creating jobs for DC residents.”
DC’s Comeback Plan focuses on making DC a place for successful businesses, opportunity-rich neighborhoods, and thriving people. For more information about DC’s Comeback Plan, visit comeback.dc.gov.
For businesses interested in learning more about the Vitality Fund and other funding opportunities, visit obviouslydc.com.
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