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Funding Mechanism Ltr Exhibits

Funding Mechanism Ltr Exhibits

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Published by jbarnes6907
Cafritz PPS
Cafritz PPS

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Published by: jbarnes6907 on May 07, 2013
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12/12/2013

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May 6, 2013Thomas Himler, Deputy CAO for Budget,Finance and AdministrationOffice of the County ExecutiveCounty Administration Building, 5
th
Floor Upper Marlboro, Maryland 20772The Honorable Vernon Archer, Mayor Town of Riverdale Park 5008 Queensbury Road Riverdale, Maryland 20737The Honorable John Tabori, Mayor Town of University Park 6724 Baltimore AvenueUniversity Park, Maryland 20782Re: Cafritz Property Development-CSX CrossingDear Messrs. Himler, Archer and Tabori:As you are aware, there is currently pending Preliminary Plan of Subdivisionapplication No. 4-13002 before the Prince George’s County Planning Board. Part of required transportation infrastructure involves the construction of a crossing over theCSX tracks, which crossing is proposed consistent with the “J.3.300” optioncontained in the April 26, 2013 email communication (Exhibit 1) provided on behalf of the University of Maryland. A professional cost estimate
1
has been prepared byLoiederman Soltesz Associates (Exhibit 2), with review by the Prince George’sCounty Department of Public Works and Transportation (“DPW&T”). Theestimated cost to construct such a crossing is approximately
$11,023,212
, whichestimate included a cost escalation contingency of 25%. The DPW&T reviewincreased the costs for various factors including inspection, testing, permit fees and the cost escalation contingency which amounts increased the estimate by$3,273,686. Based on actual construction estimates that have been received for the potential crossing locations, it is anticipated that the actual cost of construction will be lower than the LSA estimate, and the true cost will not be determined until the particulars of the crossing, to include its precise location, have been determined.The above cost does not include right of way acquisition cost, which could be ashigh as $3,200,000 as estimated by the University of Maryland, to be premised onimpacted land of approximately 3.2 acres and a previous land appraisal that
 
1
The estimate was done on a version referred to as the “J.2.300” option, which is a slightshift in the current “J.3.300” option, but is within the cost contingency contained within theestimate.
11785 Beltsville DriveSuite 1350Calverton, MD 20705301-572-5009301-572-5007 faxandre@ginglesllc.com
 
Mr. Thomas Himler The Honorable Vernon Archer The Honorable John TaboriMay 6, 2013Page 2 of 3estimated the land value as high as $1,000,000 per acre. Collectively, these are the “
Total Cost
” and thus provide a range of $14,223,212 to $17,496,689 for the crossing—said range still representing thehigher end of the scale for the Total Cost.Condition No. 25 (b) of Zoning Map Amendment A-10018 (the “Zoning Approval”) requires theApplicant, prior to Planning Board approval of the Preliminary Plan of Subdivision, “[e]stablish afunding mechanism using a combination of public and private funds…” for the amount of thecrossing. We therefore proffer the following as our funding mechanism based on the abovementioned estimate:Private Funds Fifty Percent (50%) of the Total Cost, not to exceed the amount of $5,000,000.00 by the Developer.Public Funds Tax increment revenues resulting from the creation of a development (TIF)district created by the Town of Riverdale Park to finance an amount not toexceed one-third (1/3) of the Total Cost, excluding the Developer’scontribution.
2
 Public Funds Up to up to two-thirds (2/3) of the Total Cost, excluding the Developer’scontribution, by other Federal, State or Local funding and/or special taxrevenues to finance improvements resulting from a Prince George’s Countyspecial taxing district petitioned for by the Developer.
3
 Additionally, the DPW&T, at the Town of Riverdale Park’s request, will oversee the review and  permitting of the streets within the proposed development, including the crossing (Exhibit 6). Assuch, Section 23-116 of the County Code requires that no permit be issued “…until the applicant, as principal, has posted a performance bond in favor of Prince George's County to ensure thesatisfactory performance and completion of all work covered by the permit; and/or, where applicable,a payment bond to ensure timely payment to the County, subcontractors, and/or suppliers for work  performed under the permit”.Pursuant to Condition No. 26 (b) of the Zoning Approval, prior to the issuance of building permits for more than 100,000 square feet of commercial space and more than 120 residential dwelling unit permits, the Applicant shall have received all necessary permits and approvals for construction of thecrossing and shall have provided the DPW&T all approved financial assurance and performancesecurity to ensure completion of construction of the CSX crossing, and will therefore post anyrequired performance bonds for the construction of the crossing at that time. The permit approved for construction will include a timeframe which must be verified by the DPW&T. It is anticipated thatconstruction on the crossing will commence in May 2014, and we estimate construction will becompleted in approximately 16 months, which would provide a completion date in August 2015. The
2
Town of Riverdale Park adopted Resolution No. 2013-R-11 on April 1, 2013 (Exhibit 3), said resolutionauthorizing the creation of a Tax Increment Financing District (“Calvert Tract Development District”) withinthe Town of Riverdale Park.
3
A petition (Exhibit 4) has been submitted by the Applicant requesting the authorization of the special taxdistrict, which request is embodied in Council Resolution 28-2013 (Exhibit 5), scheduled for public hearing onMay 14, 2013.
 
Mr.
Thomas Himler
The
Honorable
Vernon
Archer
The
Honorable John Tabori
May 6,
2013
Page
3
of
3
Zoning Approval requires
the
crossing
to be
open
prior
to
issuance
of the
383
rd
residential permit,
and
the
Preliminary Plan must
conform
to
this condition.
Collectively,
the
information herein
addresses
the
requirements
of
Condition
No. 25 (b) of the
Zoning
Approval. Feel
free to
contact
me if you
have
any
questions.
Sincerely,
Andre
J. Gingles,
Esq.Attachments (Exhibits 1-6)
cc:
Lawrence Taub, EsquireWhitney Chellis, M-NCPPC
Quynn
Nguyen, M-NCPPCSusan
Lareuse,
M-NCPPC

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