A Position Statement from Jeannie Stosser and Georgia Anne Faulkenham

Dear Friends:

For the past four years, we have been attempting to create a first-class shopping destination on South Main Street in Blacksburg. We knew from the beginning that this would be a legacy project - and we wanted it to be top-rate. We knew we had the opportunity to take this mostly-deserted end of Main Street and make it something special.
We spent considerable time consolidating the property and then identifying a nationally-known developer, Fairmount Partners, to take over the
project.
We write because Blacksburg Town Council will soon decide whether to attempt to stop the South Main project, as well as any new
retail development or expansion of existing facilities in Blacksburg.
In the next few days, Town Council will make a
decision that will impact the future of retail in Blacksburg for the next twenty years.
The decision? Should the South Main project proceed under the rules set by Town Council last May or will Town Council change the rules mid-process?
In the next couple of days Town Council will decidedwheth er to acknowledge that after last year's rezoning and proffer approval and following numerous preliminary reviews and approvals this
year, Fairmount Partners is "vested" in its rights to bring that project here.
Or, whether Blacksburg will do anything to either (a) keep retail out of Blacksburg or (b) micromanage its arrival to a degree that no one
will come.
Either way, Blacksburg loses.
If Blacksburg decides to challenge the projects vested rights, costly litigation will ensue - and many of the national retailers we had hoped would come to Blacksburg will likely walk away
to projects where they are wanted by the local community leadership.
Strong public support existed last year for the South Main project. Now, a small group of vocal citizens - who have as their primary goal to stop any development in Blacksburg - appear set to kill
the project.
At the end of last month, Blacksburg Town Council
undertook consideration of an ordinance aimed at killing comprehensive retail development in Blacksburg - either through new projects or the
expansion of existing buildings.
Review of this ordinance is being rushed through the Planning Commission and Town Council in an effort - mainly - to control the development of the South Main project. Yet, the impact of the
ordinance is far more reaching.
First, you may have heard, the South Main project has changed from what was presented to Town Council.
This is not true. Nothing about the 2006 proffers has changed. Everything planned on the project is within the proffers adopted by Town Council in 2006.
Second, last year, Fairmount Partners worked with the Town Staff and the Town Council on a set of proffers under which zoning for the South Main project was granted. Since the evening of the enactment of the Special Use Permit, Fairmount Partners has moved forward to make the mixed-use center a reality. Early in this project, Fairmount
Partners went to the Town to see if there was funding for infrastructure improvements or structured parking. They were told that the Town had no money - even though they supported the project - and,more importantly, they were told "you have to do this on your own." And so, they did.
They worked within the parameters that the Town of Blacksburg created.
The challenges in developing Blacksburg as a shopping destination have been considerable.
But - relying on the Town's word - progress has been made.
Many local people said that national retailers would not look at Blacksburg. Fairmount Partners proved the nay-sayers wrong.
Today, first-class national retailers have signed up to become part of the South Main project. Retail stores like Talbot's, Anne Taylor Loft, and Cold Water Creek and lifestyle centers like Gold's Gym have all lined up to be part of this exciting project.
Yet,because of many of the constraints agreed to in the proffers, the mixed-used development desired by the Town and Fairmount Partners has
been difficult - if not impossible - to achieve. The market realities of the marketplace - and Blacksburg's viability as a shopping destination - have created an environment where the success of the project requires the participation of a larger anchor tenant in the retail center. Over the past 11 months, Fairmount Partners has visited
many, many national and regional retailers of all shapes and sizes.
The market has spoken.
If Blacksburg wants this retail center, the center will have to include a major anchor tenant to be viable. This was actually contemplated in the 2006 proffers.
Third, Town Council is placing in jeopardy
considerable economic gain for the Town. The South Main project will add significant
new revenue to the budget in new resources without raising taxes on the citizens of Blacksburg.
Finally, Town Council's consideration of 0rdinance 1450 puts not only the South Main project - but future projects in jeopardy
as well. No one seems to know exactly which properties will be affected by Ordinance 1450.
If you want the South Ma in project to go forward, you mustact now!

Please contact Town Council (contact information
below)and ask them to consider this issue carefully.
Ask them not to rush an issue of such importance with suchfar-reaching implications.
And, ask them not to apply the Ordinance 1450 to the South Main project.

1. To do so is unfair. We believe that this change of course by Town Council is not only unlawful but remarkably unfair to Fairmount Partners, which has spent nearly a million dollars relying upon the 2006 proffers
approved by Town Council. Blacksburg cannot be allowed to change the rules during the process. Months of work have gone into implementing the existing conditions and guidelines.

2. To do so fails to acknowledge the Town's
Comprehensive Plan regarding this area.
The South Main project is EXACTLY what is called for the Town's Comprehensive Plan for this part of Main Street. This end of Main Street is a hodge-podge of deserted buildings and vacant lots;
yet, it is a gateway to the Town.

3. To do so will damage Blacksburg's reputation
and future. Over the past few months, we have learned much about the national reputation Blacksburg holds in the retail world. We can
assure you it will be 10 to 15 years before another effort will get this close to producing the potential project to be developed on South Main. Besides the fact that no real estate tract exists to hold such a retail center in Blacksburg, national retailers have long institutional memories. Why would anyone ever bother to try? The treatment Fairmount Partners ultimately receives in this process will speak volumes about the character of Blacksburg.

4. To do so will eliminate this source of new
fundsfor the Town's budget. Finally, Blacksburg needs the tax revenue. As we mentioned above, conservative estimates put the positive tax impact
of the project at over $1,000,000 per year for Blacksburg. The Town's current budget, which is woefully inadequate in many areas of community
service and promotion, is only $7,000,000. Blacksburg's current revenues (not related to intra-government transfers or license-related
fees) appeared to be around $10,000,000 during fiscal year 2006. The South Main project will add an estimated $1,000,000 a year to the budget in new resources without raising taxes on the citizens of Blacksburg. What would Blacksburg do with more funds? Promote The Lyric more aggressively? Refurbish the community center pool?
Improve town bike paths or green space? The opportunities are endless.

5. Finally, to do so puts the Town in a
lose/lose situation. If Town Council says the project cannot go forward as planned, expensive litigation will result. AND, the Town likely lose many of the planned retail tenants - if not the entire project. People may well go where the local leadership wants them. Please take a moment and contact the members of Town Council.

We need your help. And, we need for you to act TODAY. The opponents of any level of progress in Blacksburg are fully engaged. They believe killing the South Main project - and future development - is a positive result. Do you agree?

If not, please act today. This critical decision is
imminent.

Thank you

Jeanne and Georgia Anne

Town Council contact information:

SUSAN ANDERSON
Phone#: (540) 231-8041
E-mail: sanderson@blacksburg.gov

MARY HOLLIMAN
Phone#: (540) 951-0467
E-mail: mholliman@blacksburg.gov

PAUL LANCASTER
Phone#: (540) 231-6997
E-mail: plancaster@blacksburg.gov

DONALD LANGREHR
Phone#: (540) 831-6580
E-mail: dlangrehr@blacksburg.gov

AL LEIGHTON
Phone#: (540) 552-4591
E-mail: aleighton@blacksburg.gov

RON RORDAM , Mayor
Phone#: (540) 961-1148
E-mail: rrordam@blacksburg.gov

THOMAS SHERMAN
Phone#: (540) 231-8342
E-mail: tsherman@blacksburg.gov