Title
A RESOLUTION CONCERNING MILL BRANCH CROSSING DEVELOPMENT DISTRICT for the purpose of designating a contiguous area within Prince George’s County, Maryland (the “County”) as a “development district” as that term is used in Sections 12-201 through 12 213, inclusive, of the Economic Development Article of the Annotated Code of Maryland, as amended (the “Tax Increment Financing Act”), such development district to be located in Bowie, Maryland and to be known as the “Mill Branch Crossing Development District”; providing for, and determining, various matters in connection with the establishment of a development district; creating a tax increment fund with respect to the Development District; allocating certain property taxes with respect to the development district to be paid over to the tax increment fund as provided in the Tax Increment Financing Act; making certain findings and determinations with respect to the tax increment fund and the uses of such fund; providing that special obligation bonds may be issued from time to time pursuant to an ordinance or ordinances enacted in accordance with the Tax Increment Financing Act and secured by the tax increment fund; and generally relating to the Development District.
Body
FOR USE BY COUNCIL ADMINISTRATION:
Confidential: Yes
Requested by: Ingrid S. Watson
Assigned to: Leroy Maddox
Legislastion Type: Resolution
Need by Date: ASAP
Background Necessitating Legislation:
A resolution that designates a contiguous area within Prince George’s County, Maryland (the “County”) as a “development district” as that term is used in Sections 12-201 through 12-213, inclusive, of the Economic Development Article of the Annotated Code of Maryland, as amended (the “Tax Increment Financing Act”), such development district to be located in Bowie, Maryland and to be known as the “Mill Branch Crossing Development District”; providing for, and determining, various matters in connection with the establishment of a development district; creating a tax increment fund with respect to the Development District; allocating certain property taxes with respect to the development district to be paid over to the tax increment fund as provided in the Tax Increment Financing Act; making certain findings and determinations with respect to the tax increment fund and the uses of such fund; providing that special obligation bonds may be issued from time to time pursuant to an ordinance or ordinances enacted in accordance with the Tax Increment Financing Act and secured by the tax increment fund; and generally relating to the Development District.
Special Instructions/Concerns/Time Critical Information:
Please see the attached DRAFT.
Agencies or Individuals to Contact:
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Comments/Notes: A Resolution Concerning Mill Branch Crossing Development District for the purpose of designating a contiguous area within Prince George’s County, Maryland (the “County”) as a “development district” as that term is used in Sections 12-201 through 12-213, inclusive, of the Economic Development Article of the Annotated Code of Maryland, as amended (the “Tax Increment Financing Act”), such development district to be located in Bowie, Maryland and to be known as the “Mill Branch Crossing Development District”; providing for, and determining, various matters in connection with the establishment of a development district; creating a tax increment fund with respect to the Development District; allocating certain property taxes with respect to the development district to be paid over to the tax increment fund as provided in the Tax Increment Financing Act; making certain findings and determinations with respect to the tax increment fund and the uses of such fund; providing that special obligation bonds may be issued from time to time pursuant to an ordinance or ordinances enacted in accordance with the Tax Increment Financing Act and secured by the tax increment fund; and generally relating to the Development District.
DRAFTER PLEASE COMPLETE THE FOLLOWING:
Proposer(s): Council Member Watson
Background
The legislation serves to designate Mill Branch Crossing as a development district and the to create a corresponding tax increment fund according to the laws of the State of Maryland.
REMINDER: Attach the Legislative file document