Category: Bozzuto

At tomorrow’s meeting, the Council will consider approving a Revitalization Tax Credit (RTC) of 60% for a 15-year term and approve the associated Term Sheet to the Bozzuto development. The proposed tax credit will be possible if the Council approves the enabling ordinance 18-O-01.

The approved Bozzuto project includes 393 residential units and between 60,000 and 70,000 square feet of retail space at the former Quality Inn and Plato’s Diner site on Route 1. Bozzuto has indicated that a 60% abatement would help to facilitate this project.

Even with the 60% abatement, the City would continue to receive 100% of the City property taxes on the current or base value and will see a 227 percent increase in property tax revenue compared with what it would have made if Quality Inn and Plato’s Diner were still in business.

You can find more about this tax incentive program here on Diamondback paper: https://goo.gl/cNxR5y.

Please see below a chart showing the total amount of total amount of tax credits the City has provided to the previous, existing developments and plans to provide to Bozzuto.

A public hearing will take place about the proposed (upto) 60% tax abatement (ordinance 18-O-01) at the start of the meeting at 7:30pm, Tuesday at the Council chamber, 2nd floor of the City Hall (4500 Knox Road). Please get a free visitor parking pass from the window on the first floor. If you cannot attend the hearing, please send your comments to the Mayor and Council before 5pm tomorrow at cpmc@collegeparkmd.gov

The District 3 councilmembers are holding a meeting for their constituents in the City Hall Council Chambers Wednesday night at 7 pm. They have been kind enough to invite any members of the College Park community who would like to attend.

The Bozzuto team will make a presentation and there will be plenty of pictures. The tax incremental financing (TIF) will also be discussed. I encourage you to take this opportunity to some of your questions by the parties involved.

At this week’s meeting, the City Council will consider approving the Preliminary Plan of Subdivision and Detailed Site Plan to redevelop the Quality Inn/Plato’s Diner Site located at 7200 Baltimore Avenue.

At the last Council meeting, City Council discussed the proposed project, which is a mixed-use development of 393 multifamily dwelling units and 72,971 square feet of retail. The subject property consists of approximately 5.73 acres located on the west side of Baltimore Avenue (US-1), bounded on the north by Hartwick Road and on the south by Guilford Road. The property is zoned MUI, DDOZ in the Walkable Node Character Area. The M-NCPPC Technical Staff Report is not yet available. The Planning Board is scheduled to hear these applications on Thursday, December 14th, 2017.

Staff recommends approving the preliminary plan with a few conditions, which includes access to the site, landscaping improvements, public art feature and streetscape improvements.

If approved, the site will generate approximately $370,000 in real property taxes for the City in the first year, however, the Applicant is seeking tax relief from the City over a 15-year period. Tax relief has also been requested from Prince George’s County and both requests are currently under review. The Council will discuss the tax relief proposal at a future meeting.