A Resolution of the Mayor and Town Council of the Town of Cheverly, Maryland supporting the Pointe at Cheverly Project, including the development of a residential, commercial, and parking project financed in part by a proposed tax increment district.
WHEREAS, Tax Increment Financing (“TIF”) is an economic and community development tool that enables counties and municipalities to pledge incremental property tax revenues for the purpose of financing the development of residential, industrial, or commercial areas.
WHEREAS, the Town of Cheverly, Maryland (the “Town”) has been asked by The Pointe at Cheverly LLC to establish a TIF district (the “District”) in the Town to finance in part the costs of parking facilities that are expected to provide approximately 400 spaces for residents, businesses, and their guests and infrastructure improvements as part of a mixed_use development that will include approximately 250 residential condominiums and private businesses (the “Project”), which Project is not financially feasible without the financial assistance of the Town.
Whereas, the parking facilities are an integral part of the Project and a necessary improvement which will make feasible the availability of new housing options in a redevelopment area and promote the safety and welfare of residents of and visitors to the Town.
WHEREAS, the Project will be built on properties (the “Properties”) located in and around the intersection of the Baltimore-Washington Parkway and Annapolis Road inside the Washington, D.C. Beltway, which Properties have become blighted and have remained undeveloped over a period of many years, demonstrating that the private market cannot and will not develop the Properties without public assistance.
Whereas, other developers concluded that the redevelopment of the Properties is not feasible and as a consequence the area has not seen the same economic advances that have benefited other parts of Maryland and specifically within the Town.
WHEREAS, the Prince George’s County’s Redevelopment Authority purchased the Properties after more than $1.5 million was spent on the acquisition of blighted properties and the demolition and environmental remediation of two neglected and contaminated buildings, such monies being spent in order to spur economic development by purchasing such properties and buildings and then making them available for private development.
WHEREAS, the Mayor and Town Council have concluded that the Project will serve as a necessary catalyst to stimulate the economic growth and redevelopment of the entire area surrounding the Project, create jobs, and produce a positive financial impact to the Town.
NOW, THEREFORE, BE IT RESOLVED by the Mayor and Town Council of the Town, that, for the purposes of this Resolution, the terms defined in the recitals shall have the meanings therein set forth.
AND BE IT FURTHER RESOLVED, that the Mayor and Town Council of the Town finds and determines that the Project is in the best interests of the residents of the Town and will stimulate the economic growth and redevelopment of the entire area surrounding the Project, create jobs, eliminate a blighted or deteriorated area, offer housing options not currently available in the Town and produce a positive financial impact to the Town.
AND BE IT FURTHER RESOLVED, that the Mayor and Town Council of the Town finds and determines that the development of the Project and any issuance of bonds for the purpose of providing funds for the financing and refinancing of the Project would serve clear and important public purposes, including but not limited to the direct and indirect enhancement of the taxable base of the Town with only a nominal increase in service costs to the Town, the creation of significant temporary employment opportunities during construction and permanent commercial opportunities after construction is complete, the encouragement of additional economic activities, the development or redevelopment of slum, blighted or deteriorated areas, the undertaking of urban renewal
projects, the facilitation of planned improvements to the development area, the furtherance of economic development conducted pursuant to comprehensive plans, and generally promote the health, welfare, and safety of the residents of the Town.
AND BE IT FURTHER RESOLVED, that the Mayor and Town Council of the Town supports development of the Project and the pledge of tax increment revenues generated in the District to provide for the financing of certain costs of the Project, subject to all necessary and required opinions and approvals and the passage of an approving Ordinance of the Town.
AND BE IT FURTHER RESOLVED, that the establishment of the District, the pledge of any tax increment revenues generated in the District, and the issuance of any bonds may occur only upon the adoption of a duly enacted Ordinance of the Town and subject to and upon compliance with all further requirements of the Town, the Town’s Charter, the Maryland Annotated Code, as amended, and any other statutory requirement, including any actions required to be taken by the Town and the County for the establishment of the District, the pledge of any tax increment revenues generated in the District, and the issuance of any bonds.
AND BE IT FURTHER RESOLVED, that this Resolution shall take effect immediately.
Introduced by the Mayor and Town Council of the Town of Cheverly, Maryland, at a Regular Meeting on February , 2008, at which meeting copies were available to the public for inspection.
Adopted by the Mayor and Town Council of the Town of Cheverly, Maryland, at a Regular Meeting on February , 2008, at which meeting copies were available to the public for inspection.