The City agreed to provide up to $8.4 Million in public improvement financing for Greenbelt Station Parkway via an annexation agreement executed in 2006. The economy of the City has benefitted from the development of this property. The developers of Greenbelt Station have completed a substantial portion of the roadway and are seeking reimbursement for these costs per the agreement. This financing has been referred to as the Greenbelt Station Tax Increment Financing (TIF). In 2014, the Council adopted Resolution 2018 which created the Greenbelt Station Development District and Greenbelt Station Special Tax District.
An ordinance to authorize and empower the City to issue up to $8,000,000.00 of its Special Obligation Bonds for public improvements in connection with the proposed Development District Property and the Special Taxing District Property was introduced on October 8, 2018. This ordinance lists a maximum potential borrowing amount and maximum potential interest rate. The actual amount borrowed (currently estimated at $6.2 million) may be lower and the interest rate will be determined at the time the City actually borrows the funds.
As required by State Law, the City held a public hearing on this Ordinance on October 22. Following this hearing, the Ordinance was adopted. Attached is copy of the adopted ordinance as well as a Fiscal Impact Analysis.