Title
A RESOLUTION CONCERNING PRINCE GEORGE'S PLAZA METRO 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 a contiguous area in the City of Hyattsville, Maryland (the "City of Hyattsville") located in the County and to be known as the "Prince George's Plaza Metro Development District" (the "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, and 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 Prince George's Plaza Metro Development District.
Background
The proposed Resolution designates the Prince George's Plaza Metro Development District, pursuant to 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"), provides for the creation of a tax increment fund with respect to the Development District and allocates certain property taxes with respect to the Development District to be paid over to the tax increment fund. Pursuant to the provisions of the Tax Increment Financing Act, the County may determine to issue special obligation bonds to finance the costs of parking facilities, roads, streets, water and sewer utilities and related infrastructure improvements to be constructed in the Development District.