Title:
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A Resolution for the purpose of approving the terms and conditions of a negotiated Payment in Lieu of Taxes Agreement (PILOT) by and between Glenmore Associates Limited Partnership and Prince George’s County, Maryland
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Title
A Resolution for the purpose of approving the terms and conditions of a negotiated Payment in Lieu of Taxes Agreement (PILOT) by and between Glenmore Associates Limited Partnership and Prince George’s County, Maryland
Background
This resolution will approve the terms and conditions of an agreement between the County and Glenmore Associates Limited Partnership for a negotiated Payment In Lieu of Taxes (PILOT) and County property tax deferral for 409 units of multi-family apartment homes located in Landover. State law allows payment in lieu of taxes for real property that is “owned by a person engaged in constructing or operating housing structures or projects.” Glenmore Associates constructed the apartment homes that eradicated a significant blighted multi-family property.