Yesterday, Irving City Council unanimously approved the
economic development incentive agreement.

The Greater Irving-Las Colinas Chamber, through the Irving
Economic Development Partnership, have worked with the VHA team and their
brokers reps, Jones Lang LaSalle, represented by Paul Whitman and Larry Toon,
since fall 2011 on the need to relocate their corporate headquarters.

As a long-standing corporate citizen of Irving-Las Colinas,
VHA initially considered a multitude of building locations within the DFW
Metroplex, but came to a decision on 250/290 E John Carpenter Freeway which is
currently owned by Behringer Harvard.  “We are please VHA has chosen to
continue to grow its operations in our pro-business city,” stated Chris
Wallace, President and CEO of the Greater Irving-Las Colinas Chamber. 

The 250/290 E John Carpenter Freeway address was formerly
the headquarters for The Associates and then later Citigroup.  Wallace
indicated that the property had been challenging to re-tenant due to the fact
it is under parked in today’s office environment.

VHA is leasing a minimum of 280,000 square feet for 17 years
minimum and through the agreement, they are required to maintain 850 existing
jobs, create 34 new jobs and occupy 2,750 Irving hotel rooms nights annually
during the 15-year incentive term.

Additionally, VHA and Behringer Harvard are both required to
create and maintain established levels of increase in taxable assessed
valuation in both real property and business personal property over the
incentive term.  The maximum value of the combined incentive benefits over
the 15-years is $3.2 million, providing all requirements are met each year.

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