Title
AN ACT CONCERNING THE PLEDGE OF THE TAX INCREMENT FROM THE SUITLAND-NAYLOR ROAD DEVELOPMENT DISTRICT for the purpose of pledging the Tax Increment from the Suitland-Naylor Road Development District (the "Development District") established 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”) and CR-94-2014 of the County Council of Prince George’s County, Maryland (the “Formation Resolution”) as security for revenue bonds (the "Bonds") to be issued by the Revenue Authority of Prince George's County (the "Revenue Authority") under Sections 21A-101 through 21A-307 of the Prince George's County Code (the "County Code"), the proceeds of which will be used by the Revenue Authority and/or the Redevelopment Authority of Prince George's County (the "Redevelopment Authority") for purposes of acquiring and assembling land and improvements, paying entitlement fees, financing working capital and financing improvements related to the Development District, including, but not limited to, financing the costs of roads, streets, water and sewer utilities, and financing other costs and improvements permitted to be undertaken by the Revenue Authority and/or the Redevelopment Authority, in each case for the development of various properties within the Development District into mixed-use projects which may include a performing arts center with a theatre, a town center, retail, residential, office and other commercial development, along with financing costs of issuance, underwriter's discount, and the funding of reserves for the Bonds; approving the inclusion in the Revenue Authority's Capital Improvement Program of the foregoing project and the undertaking thereof by the Revenue Authority, including the deposit of funds by the Revenue Authority into a reserve fund for the Bonds, in each case as required under Section 21A-119 of the Prince George’s County Code; mak...
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