Reference No. CB-109-2017    Draft No. 1
Type: Council Bill Status: Enacted
Meeting Body County Council
Meeting Date 11/14/2017
Introduced Date 10/17/2017 Public Hearing Date 11/14/2017 @ 10:00 AM
Effective date: 1/22/2018    
Title: AN ACT CONCERNING THE ISSUANCE AND SALE OF SPECIAL OBLIGATION BONDS FOR THE KINGDOM SQUARE DEVELOPMENT DISTRICT AND KINGDOM SQUARE SPECIAL TAXING DISTRICT for the purpose of amending and restating in its entirety CB-98-2010 of the County Council of Prince George’s County, Maryland; amending and ratifying CR-76-2010 of the County Council of Prince George’s County, Maryland; providing that special obligation bonds may be issued from time to time under the provisions of this Act, Sections 12-201 through 12-213 of the Economic Development Article of the Annotated Code of Maryland, as amended (the “Tax Increment Financing Act”), Section 10-269 of the Prince George’s County Code, as amended, Sections 21-501 through 21-518 and Section 21-523 of the Local Government Article of the Annotated Code of Maryland, as amended (collectively with Section 10-269 of the Prince George’s County Code, the “Special Taxing District Act,” and together with the Tax Increment Financing Act, the “Acts”), and CR-...
Proposers/Sponsors: County Executive, Derrick Leon Davis, Dannielle M. Glaros, Mel Franklin, Andrea C. Harrison, Obie Patterson, Deni L. Taveras, Todd M. Turner
Attachments: 1. B2017109, 2. CB-109-2017 Exhibit B, 3. CB-109-2017 AIS.pdf, 4. CB-109-2017 Report, 5. CB-109-2017 Transmittal, 6. CB-109-2017 Fiscal Impact, 7. CB-109-2017 Comment, 8. Hampton Park Project - Velociity and ARC - PSFM - October 5th - 2017 - final
Contact: Bond Counsel Sean Dixon, Office of Law

Title

AN ACT CONCERNING THE ISSUANCE AND SALE OF SPECIAL OBLIGATION BONDS FOR THE KINGDOM SQUARE DEVELOPMENT DISTRICT AND KINGDOM SQUARE SPECIAL TAXING DISTRICT for the purpose of amending and restating in its entirety CB-98-2010 of the County Council of Prince George’s County, Maryland; amending and ratifying CR-76-2010 of the County Council of Prince George’s County, Maryland; providing that special obligation bonds may be issued from time to time under the provisions of this Act, Sections 12-201 through 12-213 of the Economic Development Article of the Annotated Code of Maryland, as amended (the “Tax Increment Financing Act”),  Section 10-269 of the Prince George’s County Code, as amended, Sections 21-501 through 21-518 and Section 21-523 of the Local Government Article of the Annotated Code of Maryland, as amended (collectively with Section 10-269 of the Prince George’s County Code, the “Special Taxing District Act,” and together with the Tax Increment Financing Act, the “Acts”), and CR-76-2010 of the County Council of Prince George’s County, Maryland as the same is being amended by the terms hereof, in an amount not to exceed the aggregate principal amount of Sixteen Million One Hundred Thousand Dollars ($16,100,000), in order for the County to finance or reimburse, in accordance with the Acts, costs related to the construction and installation of certain of the public infrastructure improvements as more particularly described herein; making certain findings and determinations, among others, concerning the public benefit and purpose of such special obligation bonds, including that prior to the issuance of such bonds the criteria set forth in CR-38-2011, including but not limited to the “But-For Test,” the “Trigger Mechanism/Look Back Provision,” LMBE participation and the impact of the County credit/bond rating, have been satisfied; providing that such special obligation bonds authorized to be issued hereby shall be payable, first, from the amounts levied and deposited in the Tax Increment Fund (as defined in the Formation Resolution identified herein) and, secondly, to the extent the Tax Increment Fund does not contain monies in an amount sufficient for payment of debt service on such special obligation bonds and to the extent amounts are required for deposit in funds and accounts created within the indenture providing for the issuance of the special obligation bonds to replenish deficiencies therein and to pay the administrative expenses of the County, from the special tax to be levied and deposited in the Special Taxing District Fund (as defined in the Formation Resolution) and that the special obligation bonds shall not constitute a general obligation debt of the County or a pledge of the County’s full faith and credit or taxing power other than the taxes representing the levy on the Tax Increment (as defined in the Formation Resolution), the Hotel Taxes (as defined in the Formation Resolution) and the Special Taxes (as defined in the Formation Resolution); authorizing the County Executive of the County to specify, prescribe, determine, provide for and approve certain details, forms, documents or procedures in connection with such special obligation bonds issued hereunder and any other matters necessary or desirable in connection with the authorization, issuance, sale and payment of such special obligation bonds; authorizing the County Executive to take certain actions, to execute documents and make certain commitments on behalf of the County in connection with the issuance, sale and delivery of such special obligation bonds; authorizing the execution and delivery of such special obligation bonds and such other documents as may be necessary and desirable to effectuate the financing of the infrastructure improvements and the issuance, sale and delivery of such special obligation bonds; and generally providing for, and determining various matters in connection with, the issuance, sale, delivery and payment of such special obligation bonds.

 

Background

This bill authorizes the issuance of up to $16,100,000 in special obligation bonds for the Kingdom Square Development District and Kingdom Square Special Taxing District.  These bonds will fund various public infrastructure costs that are necessary to assist the more than $200 million project in moving forward.  This major redevelopment project, along a major transportation corridor Maryland Route 214, will contain a new health and human services administrative building, new market-rate multi-family units, retail, and hotel opportunities.  The project will serve as a catalyst for future development along the Central Avenue corridor.



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