Title
AN ACT CONCERNING THE ISSUANCE OF SPECIAL OBLIGATION BONDS FOR THE LARGO TOWN CENTER METRO DEVELOPMENT DISTRICT for the purpose of amending and ratifying CR-92-2014, adopted by the County Council of Prince George’s County, Maryland (the “County Council”) on November 12, 2014; providing that special obligation tax increment financing bonds may be issued from time to time under the provisions of this Act and Sections 12-201 through 12-213, inclusive, of the Economic Development Article of the Annotated Code of Maryland, as amended (the “Tax Increment Financing Act”), and consistent with the provisions of CR-92-2014, as the same is being amended by the terms hereof (the “Formation Resolution”), in an amount not to exceed the aggregate principal amount of Five Million Seven Hundred Fifty Thousand Dollars ($5,750,000), in order for Prince George’s County, Maryland (the “County”) . . .
Background
The project will include 379 multi-family units, 4,500 sq. ft. of retail and 419 structured parking spaces at an estimated cost of $107 million. Will include a 5% rate reduction on market-rate rent for police officers, fire fighters/EMS, nurses, teachers and military personnel.
Fiscal impact is neutral. Special obligation bonds to be paid from tax increment revenues which would not be realized without the Project.