Reference No. CR-097-2024    Draft No. 1
Type: Resolution Status: Adopted
Meeting Body Sitting as the Committee of the Whole
Meeting Date 11/18/2024
Introduced Date 10/29/2024 Public Hearing Date
Effective date: 11/19/2024    
Title: A RESOLUTION CONCERNING A PAYMENT IN LIEU OF TAXES (“PILOT”) AGREEMENT BETWEEN PRINCE GEORGE’S COUNTY, MARYLAND (“COUNTY”) AND PETRA DEVELOPMENT (“DEVELOPER”) for the National View Project.
Proposers/Sponsors: County Executive, Jolene Ivey, Sydney J. Harrison, Calvin S. Hawkins
Code sections: 10-194 -
Attachments: 1. R2024097, 2. CR-097-2024 Exhibit A, 3. CR-097-2024 Exhibit B, 4. CR-097-2024 Exhibit C Master PILOT Agmt - Natl View, 5. CR-097-2024 Summary, 6. CR-097-2024 Fiscal Impact Summary, 7. CR-097-2024 Petra - MBE, 8. CR-097-2024 PAFI, 9. CR-097-2024 Transmittal, 10. CR-096-2024 CEX Comment (DCAO Rodgers), 11. CR-097-2024 Pilot Agreement Presentation
Contact: Chris Ahn, Assistant DCAO, Economic Development

Title

A RESOLUTION CONCERNING A PAYMENT IN LIEU OF TAXES (“PILOT”) AGREEMENT BETWEEN PRINCE GEORGE’S COUNTY, MARYLAND (“COUNTY”) AND PETRA DEVELOPMENT (“DEVELOPER”) for the National View Project.

 

Background

This project provides an exceptional opportunity to revitalize a key area of Prince George’s County inside and adjacent to the Capital Beltway in an urban renewal designated area by the Town of Forest Heights, through $720M of new capital investment. The mixed-use project will encompass 1.5 million square feet of new development on land that has challenged developer interest due to significant site work costs. Specifically, the project will include 1545 residential units with a portion dedicated to senior mixed income, and sixty thousand square feet of commercial space. The developer, Petra Development, is investing significantly within the county with another project, The Promise, an 800K SF mixed-use Transit Oriented Development by Southern Avenue metro.

 

 



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