Title
A RESOLUTION CONCERNING KARINGTON SPECIAL TAXING DISTRICT for the purpose of designating an area within Prince George’s County, Maryland as a “special taxing district” as that term is used in Section 10-269 of the Prince George’s County Code, as amended, and as that term is used in Sections 21-501 through 21-523 of the Local Government Article of the Annotated Code of Maryland, as amended (the “Special Taxing District Act” and, collectively with Section 10-269 of the Prince George’s County Code, the “Act”), such special taxing district to be located in the County and the City of Bowie, Maryland, if annexed, and to be known as the “Karington Special Taxing District”; providing for and determining various matters in connection with the establishment of a special taxing district; creating a special fund with respect to the Special Taxing District; providing for the levy of a special tax in connection with the Special Taxing District; pledging proceeds of such special tax to be paid over to the special fund as provided in the Act; making certain findings and determinations with respect to the special fund and the use 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 Act and secured by the special fund; and generally relating to the Karington Special Taxing District.
Background
The proposed legislation designates an area along Route 301 in Bowie, Maryland as the Karington Special Taxing District to secure the payment of special obligation bonds, if necessary.
The long-planned project will encompass approximately 3.4 million square feet of mixed-use development, including 1,335 residential units, 600,000 square feet of commercial space, and 390 hotel rooms.