For Immediate Release: July 25, 2016
The Motley Fool, a multimedia financial-services company, is expanding its headquarters in Alexandria’s Carlyle neighborhood. Governor Terry McAuliffe’s announcement, which follows, details the significance of this expansion and reflects the City of Alexandria’s strategic goal to support businesses and to foster a strong, diverse and growing local economy. The City and the Alexandria Economic Development Partnership worked with the Office of the Governor to retain this growing business in order to increase private investment and job creation in Alexandria.
The City applied for, and received, a Commonwealth Opportunity Fund grant to create the most compelling offer to keep The Motley Fool in Alexandria. The state and the City will each contribute $350,000 over a three-year period, based on investment and job creation milestones met by the company. These milestones include a $5 million investment in capital expenditures and the addition of 60 new jobs to the current workforce of 282. The City projects that its investment will be recovered within the first year of the firm’s new 10-year lease.
This announcement complements the City’s ongoing Carlyle Vitality Initiative, focused on improving the vitality and quality of life for those working, living and visiting Carlyle through physical and experiential improvements to the neighborhood. For more information, visit www.alexandriava.gov/CarlyleFun.