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 “
” 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.
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.
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
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.
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.