Title
A RESOLUTION CONCERNING WESTPHALIA TOWN CENTER SPECIAL TAXING DISTRICT for the purpose of designating an area within Prince George’s County, Maryland as a “special taxing district” as that term is used in Section 10-269 of the Prince George’s County Code, as amended, and as that term is used in Sections 21-501 through 21-518 and Section 21-523 of the Local Government Article of the Annotated Code of Maryland, as amended (collectively, the “Act”), such special taxing district to be located in Upper Marlboro, Maryland and to be known as the “Westphalia Town Center Special Taxing District”; providing for, and determining, various matters in connection with the establishment of a special taxing district; creating a special fund with respect to the Special Taxing District; providing for the introduction of a future ordinance or ordinances to provide for the levy of a special tax in connection with the Special Taxing District; pledging proceeds of such special tax to be paid over to the special fund as provided in the Act; making certain findings and determinations with respect to the special fund and the use of such fund; providing that special obligation bonds may be issued from time to time pursuant to an ordinance or ordinances enacted in accordance with the Act and secured by the special fund; and generally relating to the Westphalia Town Center Special Taxing District.
Background
The proposed legislation designates and establishes a Development District to be known as the “Westphalia Town Center Development District” located in Upper Marlboro, Maryland (“Upper Marlboro”) pursuant to the Economic Development Article of the Annotated Code of Maryland Sections 12-201 through 12-213, as amended (“Tax Increment Financing Act”). It will also provide 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...
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