Reference No. CB-095-2023    Draft No. 1
Type: Council Bill Status: Enacted
Meeting Body County Council
Meeting Date 11/21/2023
Introduced Date 10/23/2023 Public Hearing Date 11/21/2023 @ 10:00 AM
Effective date: 1/29/2024    
Title: AN ACT CONCERNING THE ISSUANCE OF SPECIAL OBLIGATION BONDS FOR THE LARGO TOWN CENTER METRO 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-92-2014, adopted by the County Council of Prince George’s County, Maryland (the “County Council”) on November 12, 2014, as amended by CB-14-2020 (the “Formation Resolution”), in an amount not to exceed the aggregate principal amount of Nine Million Dollars ($9,000,000), 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: County Executive, Thomas E. Dernoga, Jolene Ivey, Wala Blegay, Mel Franklin, Ingrid S. Watson, Eric C. Olson, Wanika Fisher
Attachments: 1. B2023095, 2. CB-095-2023 Summary, 3. CB-095-2023 Report, 4. CB-095-2023 PAFI, 5. CB-095-2023 Transmittal, 6. CR-087-2023 PARCEL O TIF COUNCIL PRESENTATION
Related files: CR-087-2023
Contact: Chris Ahn, Assistant Deputy Chief Administrative Officer, Economic Development
Title
AN ACT CONCERNING THE ISSUANCE OF SPECIAL OBLIGATION BONDS FOR THE LARGO TOWN CENTER METRO 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-92-2014, adopted by the County Council of Prince George’s County, Maryland (the “County Council”) on November 12, 2014, as amended by CB-14-2020 (the “Formation Resolution”), in an amount not to exceed the aggregate principal amount of Nine Million Dollars ($9,000,000), 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 Largo Town Center Metro 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 Co...

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