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Council to Award $194K Tax Credit to Monument Development

Monument Village Complex - East elevation facing Route 1

Monument Village Complex – East elevation facing Route 1

In tomorrow’s meeting, the City Council will award a $194,000 real property tax credit to the Monument Development in north College Park.

The amount is about half of the allowable revitalization tax credit. The City provides such tax credits to attract new developments to College Park.

The Monument is a new mixed use residential apartment development at the old Lasick site at the Cherokee and Route 1.

The tax credit will be for the increased assessment attributed to the taxable improvements upon project completion as determined by the Supervisor of Assessments. The tax credit amount will be reimbursed to the owner after payment of the City taxes as reflected on the County tax bill in each fiscal year, on the following basis, which represents one-half of the allowable revitalization tax credit:
First fiscal year after completion – 58%
Second fiscal year after completion – 27.5%
Third fiscal year after completion – 27%

Reimbursement of the tax credit is subject to and conditioned upon the property owner submitting evidence of certification from the US Green Building Council that the Project meets the minimum green building guidelines to attain LEED Silver Certification for the appropriate rating system. No reimbursement of the real property taxes will occur prior to the receipt of such evidence.

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