Prince George's County Council - Reference No. CR-098-2010

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Details

Reference No.

CR-098-2010 Draft No. 3

Type:

Resolution

Status:

Adopted

Meeting Body

County Council

Meeting Date

10/19/2010

Introduced Date

9/28/2010

Public Hearing Date

Effective date:

Title:

A Resolution revising CR-89-2006 and the County’s policy for the use of Tax Increment Financing and other financial tools and incentives to fund economic and community development projects and initiatives in Prince George’s County.

Proposers/Sponsors:

Samuel H. Dean, Camille A. Exum

Code sections:

None - None

Attachments:

1. ACTION SUMMARY T2010098, 2. R2010098.pdf

Contact:

Colette R. Gresham Legislative Officer

Date	Ver.	Action By	Action	Result	Action Details	Meeting Details	Video
10/19/2010	3	County Council	adopted	Pass	Action details	Meeting details	Not available
10/12/2010	3	County Council	Favorably recommended with amendments	Pass	Action details	Meeting details	Not available
9/28/2010	3	County Council	referred	Pass	Action details	Meeting details	Not available
9/28/2010		County Council	introduced		Action details	Meeting details	Not available

Title A Resolution revising CR-89-2006 and the County’s policy for the use of Tax Increment Financing and other financial tools and incentives to fund economic and community development projects and initiatives in Prince George’s County. Background The County Council adopted CR-89-2006 which established a policy for the County to use specific criteria in determining the appropriateness and necessity of applying TIF and other financial incentives to help fund economic and community development projects and initiatives throughout the County. This resolution revises the criteria for proposed projects and initiatives. 10/19/2010 - CR-98-2010 DR-2 was amended on the floor as follows: On page 2, line 28, after "for", delete "MBE equity participation" and insert the following "of the value of the TIF issued to the developer through either (i) LMBE equity ownership in the entity receiving TIF funds or 9ii) LMBE ownership or participation equal to five (5%) of the TIF note issued" CR-98-2010 (DR-3) was adopted.

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