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Title:
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A Resolution designating the One Largo Metro Development District and providing for and determining certain matters in connection with the establishment of the 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
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Title
A Resolution designating the One Largo Metro Development District and providing for and determining certain matters in connection with the establishment of the 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
Background
The proposed resolution designates the One Largo 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 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 representing the tax increment to be paid over to the tax increment fund. Pursuant to the provisions of the Tax Increment Act, the County may determine to issue special obligation bonds to finance certain parking facilities to be constructed in the Development District that will be generally available to the general public. The parking facilities are being constructed as part of an office complex, including federally-occupied office towersand retail, commercial, and park facilities. Repayment of the bonds would be secured by a County pledge of the tax increment.