Title:
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A Resolution establishing that a multifamily unit development known as the Varsity Project, located in census tract number 807000, qualifies for a revitalization/redevelopment tax credit pursuant to Section 10-235.02 of the Prince George’s County Code
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Title
A Resolution establishing that a multifamily unit development known as the Varsity Project, located in census tract number 807000, qualifies for a revitalization/redevelopment tax credit pursuant to Section 10-235.02 of the Prince George’s County Code
Background
The proposed resolution would provide a revitalization tax credit for a student housing project. Multifamily housing projects are not eligible for the revitalization tax credit unless the credit is specifically approved by Council resolution pursuant to Section 10-235.02 of the County Code. In granting the tax credit, the Council is required to give consideration to factors related to community development and business revitalization such as median household income, the residential density of the area, land use in the area, economic factors, and unemployment rates.
The project is exempted from payment of the school facility surcharge pursuant to an exemption enacted by the General Assembly codified at Section 10-192.01(b)(4).