Prince George's County Council - Reference No. CR-097-2024

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Details

Reference No.

CR-097-2024 Draft No. 1

Type:

Resolution

Status:

Adopted

Meeting Body

County Council

Meeting Date

11/19/2024

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. CR-097-2024 - signed, 2. R2024097, 3. CR-097-2024 Exhibit A, 4. CR-097-2024 Exhibit B, 5. CR-097-2024 Exhibit C Master PILOT Agmt - Natl View, 6. CR-097-2024 Summary, 7. CR-097-2024 Fiscal Impact Summary, 8. CR-097-2024 Petra - MBE, 9. CR-097-2024 PAFI, 10. CR-097-2024 Transmittal, 11. CR-096-2024 CEX Comment (DCAO Rodgers), 12. CR-097-2024 Pilot Agreement Presentation

Contact:

Chris Ahn, Assistant DCAO, Economic Development

Date	Ver.	Action By	Action	Result	Action Details	Meeting Details	Video
11/19/2024	1	County Council	adopted	Pass	Action details	Meeting details	Video
11/18/2024	1	Sitting as the Committee of the Whole	Favorably recommended	Pass	Action details	Meeting details	Video
11/12/2024	1	Sitting as the Committee of the Whole	Held in Committee	Pass	Action details	Meeting details	Video
10/29/2024	1	County Council	introduced and referred		Action details	Meeting details	Video

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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