The Mayor and Town Council have passed this Resolution in order to provide notice to the public that they are considering entering into an agreement to provide for tax incentive fianancing (TIF) for a portion of the public facilities related to the proposed development of the Pointe at Cheverly. If the TIF is approved, the Town will commit its future tax revenues, from the development, toward the repayment of the Town's portion of the agreement. Prince George's County is commiting to doing so as well. Specific, projected dollars figures can be obtained by
calling the Town Offices at 301-773-8360.
A Resolution of the Mayor and Town Council of the Town of Cheverly, Maryland expressing the interest of the Town Council in a tax increment financing district for
The Pointe at Cheverly
WHEREAS, The Pointe at Cheverly (the Development) is approximately a 3.4 acre area located at the southwest corner of the intersection of Maryland Route 450 and the Baltimore-Washington Parkway and is within the Town of Cheverly Maryland; and
WHEREAS, most of the property in the Development is currently owned by the County Redevelopment Authority and all of the Development is under contract with a developer; and
WHEREAS, The Pointe at Cheverly, LLC, a joint venture of Republic Land Development, LLC and Stepping Stones Development, LLC (the developer) has proposed a multi-family complex with a small retail/business component on this property; and
WHEREAS, the development is in need of the assistance of the public entities involved in this redevelopment particularly for the building of a parking garage, and this redevelopment will in all probability not be built without this infusion of public funds; and
WHEREAS, the developer has applied to Prince George’s County to create a tax increment financing district for The Pointe at Cheverly for the purpose of issuing bonds in the amount of approximately $15,000,000 to finance certain public improvements on the property so that this development can proceed to construction with repayment of the bonds funded entirely by the increase in County and Town property tax as caused by the redevelopment; and
WHEREAS, the Mayor and Town Council are aware that no tax increment financing district can be created for this development without the cooperation of the County and the Town and the Town’s pledge of any tax increment towards the repayment of these bonds; and
WHEREAS, the Mayor and Town Council have expressed interest in exploring the need, impact, and financial consequence of a tax increment financing district at The Pointe.
NOW, THEREFORE, BE IT RESOLVED by the Mayor and Town Council of Cheverly, Maryland, in Regular Session Assembled that they declare their interest in exploring such proposed tax increment financing district for The Pointe at Cheverly.
AND BE IT FURTHER RESOLVED, that the Town staff along with the Town attorney and the Town bond counsel is hereby instructed to perform steps necessary to evaluate this proposal and its impact on the Town and to negotiate both with the County and the developer as to terms acceptable to the Town for such a tax increment financing district.
AND BE IT FURTHER RESOLVED, that this Resolution shall take effect immediately.
INTRODUCED by the Mayor and Town Council of Cheverly, Maryland, at a Regular Meeting on March 8, 2007, at which meeting copies were available to the public for inspection.
ADOPTED by the Mayor and Town Council of Cheverly, Maryland at a Regular Meeting on March 8, 2007, at which meeting copies were available to the public for inspection.