Reference No. CB-064-2024    Draft No. 1
Type: Council Bill Status: Enacted
Meeting Body County Council
Meeting Date 11/19/2024
Introduced Date 10/22/2024 Public Hearing Date 11/19/2024 @ 10:00 AM
Effective date: 2/3/2025    
Title: AN ACT CONCERNING THE ISSUANCE OF SPECIAL OBLIGATION BONDS FOR THE MILL BRANCH CROSSING DEVELOPMENT DISTRICT for the purpose of providing that special obligation tax increment financing bonds may be issued from time to time under the provisions of this Act and 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”), and consistent with the provisions of CR-062-2024, adopted by the County Council of Prince George’s County, Maryland (the “County Council”) on November 19, 2024 (the “Formation Resolution”), in an amount not to exceed the aggregate principal amount of Seventeen Million Five Hundred Thousand Dollars ($17,500,000), in order for Prince George’s County, Maryland (the “County”) to finance or reimburse, in accordance with the Tax Increment Financing Act, costs related to the construction and installation of certain infrastructure improvements, as more particularly described he...
Proposers/Sponsors: Ingrid S. Watson, Jolene Ivey, Wanika Fisher, Calvin S. Hawkins
Attachments: 1. CB-064-2024 - signed, 2. B2024064, 3. CB-064-2024 Summary, 4. CB-064-2024 Report, 5. CB-064-2024 PAFI, 6. CB-064-2024 OOL Comments
Related files: CR-062-2024
Contact: Leroy D. Maddox Jr., Legislative Attorney

Title

AN ACT CONCERNING THE ISSUANCE OF SPECIAL OBLIGATION BONDS FOR THE MILL BRANCH CROSSING DEVELOPMENT DISTRICT for the purpose of providing that special obligation tax increment financing bonds may be issued from time to time under the provisions of this Act and 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”), and consistent with the provisions of CR-062-2024, adopted by the County Council of Prince George’s County, Maryland (the “County Council”) on November 19, 2024 (the “Formation Resolution”), in an amount not to exceed the aggregate principal amount of Seventeen Million Five Hundred Thousand Dollars ($17,500,000), in order for Prince George’s County, Maryland (the “County”) to finance or reimburse, in accordance with the Tax Increment Financing Act, costs related to the construction and installation of certain infrastructure improvements, as more particularly described herein, and to pay certain costs of issuing such bonds; ratifying and confirming the designation of the Mill Branch Crossing Development District; making certain findings and determinations, among others, concerning the public benefit and purpose of such bonds, including that prior to the issuance of such bonds certain criteria set forth in CR-21-2019 (irrespective of any provision of CR-21-2019 to the contrary) and the provisions of CB-51-2022 will apply, including but not limited to the “But-For Test,” the “Trigger Mechanism/Look Back Provision,” a determination of impact on the County credit/bond rating, and the delivery and approval of a Supplier Diversity and Equity Plan have been satisfied; providing that such bonds authorized to be issued hereby shall be payable from certain amounts levied and deposited in the Tax Increment Fund (as defined in the Formation Resolution) and that such 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 County’s pledge of the taxes representing the levy on the Tax Increment (as defined in the Formation Resolution); specifying certain terms and conditions with respect to the issuance of the bonds and the financing or reimbursement of certain infrastructure improvements; authorizing the County Executive of the County (the “County Executive”) to specify, prescribe, determine, provide for and approve certain details, forms, documents or procedures in connection with such bonds issued hereunder and any other matters necessary or desirable in connection with the authorization, issuance, delivery and payment of such bonds; authorizing the County Executive to take certain actions, execute documents and make certain commitments on behalf of the County in connection with the issuance and delivery of such bonds consistent with the provisions of this Act; authorizing the execution and delivery of such bonds and such other documents as may be necessary and desirable to effectuate the financing of certain infrastructure improvements described herein and the issuance and delivery of such bonds; and generally providing for, and determining various matters in connection with, the issuance, delivery and payment of such bonds.

 

Body

FOR USE BY COUNCIL ADMINISTRATION:

 

Confidential:   Yes

 

Requested by: Ingrid S. Watson

 

Assigned to: Leroy Maddox

 

Legislastion Type: Bill

 

Need by Date: ASAP

 

Background Necessitating Legislation:

A bill that would authorize the issuance of TIF bonds (which will be called a TIF Note in the bond documents). 

 

Special Instructions/Concerns/Time Critical Information:

Please see the attached DRAFT.

 

Agencies or Individuals to Contact:

1.

2.

3.

 

Comments/Notes: An Act Concerning the Issuance of Special Obligation Bonds for the Mill Branch Crossing Development District for the purpose of providing that special obligation tax increment financing bonds may be issued from time to time under the provisions of this Act and 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”), and consistent with the provisions of CR-[__]-2024, adopted by the County Council of Prince George’s County, Maryland (the “County Council”) on [__________], 2024 (the “Formation Resolution”), in an amount not to exceed the aggregate principal amount of Seventeen Million Five Hundred Thousand Dollars ($17,500,000), in order for Prince George’s County, Maryland (the “County”) to finance or reimburse, in accordance with the Tax Increment Financing Act, costs related to the construction and installation of certain infrastructure improvements, as more particularly described herein, and to pay certain costs of issuing such bonds; ratifying and confirming the designation of the Mill Branch Crossing Development District; making certain findings and determinations, among others, concerning the public benefit and purpose of such bonds, including that prior to the issuance of such bonds certain criteria set forth in CR-21-2019 (irrespective of any provision of CR-21-2019 to the contrary) and the provisions of CB-51-2022 will apply, including but not limited to the “But-For Test,” the “Trigger Mechanism/Look Back Provision,” a determination of impact on the County credit/bond rating, and the delivery and approval of a Supplier Diversity and Equity Plan have been satisfied; providing that such bonds authorized to be issued hereby shall be payable from certain amounts levied and deposited in the Tax Increment Fund (as defined in the Formation Resolution) and that such 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 County’s pledge of the taxes representing the levy on the Tax Increment (as defined in the Formation Resolution); specifying certain terms and conditions with respect to the issuance of the bonds and the financing or reimbursement of certain infrastructure improvements; authorizing the County Executive of the County (the “County Executive”) to specify, prescribe, determine, provide for and approve certain details, forms, documents or procedures in connection with such bonds issued hereunder and any other matters necessary or desirable in connection with the authorization, issuance, delivery and payment of such bonds; authorizing the County Executive to take certain actions, execute documents and make certain commitments on behalf of the County in connection with the issuance and delivery of such bonds consistent with the provisions of this Act; authorizing the execution and delivery of such bonds and such other documents as may be necessary and desirable to effectuate the financing of certain infrastructure improvements described herein and the issuance and delivery of such bonds; and generally providing for, and determining various matters in connection with, the issuance, delivery and payment of such bonds.

 

 

DRAFTER PLEASE COMPLETE THE FOLLOWING:

 

Proposer(s): Council Member Watson

 

Background

This legislation will authorize the use of Tax Increment Financing Bonds for the Mill Branch Crossing Development District.

 

REMINDER: Attach the Legislative file document

 



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