Reference No. CR-061-2020    Draft No. 1
Type: Resolution Status: Adopted
Meeting Body County Council
Meeting Date 7/21/2020
Introduced Date 7/7/2020 Public Hearing Date
Effective date:    
Title: A RESOLUTION CONCERNING TAX INCREMENT FINANCING (TIF) RELATED TO LARGO TOWN CENTER METRO DEVELOPMENT DISTRICT for the purpose of approving a TIF proposal and certifications pursuant to CR-21-2019 (applicable pursuant to CB-14-2020, as described below).
Proposers/Sponsors: County Executive, Todd M. Turner, Derrick Leon Davis, Sydney J. Harrison, Deni L. Taveras, Calvin S. Hawkins, Mel Franklin
Attachments: 1. R2020061, 2. CR-061-2020 Proposal & Developers Certificate, 3. CR-061-2020 County Executive Certification, 4. CR-061-2020 MBE Plan, 5. CR-061-2020 Bond Counsel Certification, 6. CR-061-2020 DSP Resolution, 7. CR-061-2020 Opinion Land Use Attorney, 8. CR-061-2020 Opinion Zoning Verification, 9. CR-061-2020 Pending RTO-H Zoning Description, 10. CR-061-2020 AIS, 11. CR-061-2020 Report, 12. CR-061-2020 Transmittal, 13. CR-061-2020 OOL Comment
Contact: Adewale C. Dada, Office of the County Executive

Title

A RESOLUTION CONCERNING TAX INCREMENT FINANCING (TIF) RELATED TO LARGO TOWN CENTER METRO DEVELOPMENT DISTRICT for the purpose of approving a TIF proposal and certifications pursuant to CR-21-2019 (applicable pursuant to CB-14-2020, as described below).

 

Background

This resolution will approve the certifications of the developer, County Executive and bond counsel for the Amore Apollo Phase II Project. The $107.3 million mixed-use project located at the Largo Metro Station consists of 379 multi-family dwelling units, 419 parking spaces and 4,489 square feet of retail space. 

 

Prior to the issuance of the bonds for the Largo Town Center Metro Development District, the County Executive and bond counsel must certify that the provisions of CR-21-2019, have been complied with and that the Minority Business Enterprise (MBE) Plan has been approved by the County’s compliance manager in conformance with the MBE Plan Guidelines as promulgated by the compliance manager.

 

The fiscal impact is neutral, as the Special Obligation bonds will be paid from incremental tax revenues which would not be realized without the completion of the Project.



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