Reference No. CR-095-2014    Draft No.
Type: Resolution Status: Adopted
Meeting Body County Council
Meeting Date 11/12/2014
Introduced Date 10/7/2014 Public Hearing Date
Effective date: 11/24/2014    
Title: A RESOLUTION CONCERNING NEW CARROLLTON 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 New Carrollton, Maryland (the "City of New Carrollton") located in the County and to be known as the “New Carrollton 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 certa...
Proposers/Sponsors: County Executive, Will Campos, Derrick Leon Davis, Mel Franklin, Andrea C. Harrison, Eric C. Olson, Karen R. Toles, Ingrid M. Turner
Attachments: 1. R2014095.pdf, 2. I-CR-95-2014 Exhibits A & B.pdf, 3. CR-095-2014 AIS, 4. CR-95-2014 Report
Contact: Bond Counsel
Title
A RESOLUTION CONCERNING NEW CARROLLTON 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 New Carrollton, Maryland (the "City of New Carrollton") located in the County and to be known as the “New Carrollton 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 New Carrollton Metro Development District.
Background
The proposed Resolution designates the New Carrollton 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...

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