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Title:
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A Resolution designating the Town Center at Camp Springs Development District and providing for and determining certain matters in connection with the establishment of the development district, creating a tax increment fund with respect to the development district and allocating certain property taxes with respect to the development district to be paid over to the tax increment fund
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Title
A Resolution designating the Town Center at Camp Springs Development District and providing for and determining certain matters in connection with the establishment of the development district, creating a tax increment fund with respect to the development district and allocating certain property taxes with respect to the development district to be paid over to the tax increment fund
Background
The proposed resolution designates the Town Center at Camp Springs Development District, pursuant to 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”), provides for the creation of a tax increment fund with respect to the Development District and allocates certain property taxes with respect to the Development District to be paid over to the tax increment fund. Pursuant to the provisions of the Tax Increment Financing Act, the County may determine to issue special obligation bonds to finance certain parking facilities, road improvements, stormwater management facilities, utilities, lighting, and related infrastructure improvements to be constructed in the Development District. The infrastructure improvements are being constructed as part of a retail, commercial and residential project known as Town Center at Camp Springs Development District. Repayment of the bonds would be secured by a County pledge of the tax increment.