Committee backs PILOT and $3.5M trust‑fund loan for Flats at Glenridge Station

Prince George’s County councilors on Nov. 10 recommended favorable action on a payment‑in‑lieu‑of‑taxes (PILOT) agreement for the Flats at Glenridge Station and on a related $3,500,000 allocation from the county Housing Investment Trust Fund to provide gap financing.

Council staff summarized that Dominion Incorporated plans to form an entity to develop a 245‑unit affordable rental housing community for families earning 60% or below the area median income (AMI). “The owner's Dominion Incorporated will form an entity for the purpose of acquiring land and constructing a 245 unit affordable rental housing community for families earning 60% or below of the area median income,” Mister Tuck said. Total development costs were estimated at $125,676,076.

Staff described a financing package that includes tax‑exempt bond financing, Rental Housing Works funds through the Maryland Department of Housing and Community Development, tax credits, developer equity, a deferred developer fee, and a $3,500,000 loan from the Prince George’s County Housing Investment Trust Fund.

A Budget & Policy Analysis Division statement (David Noto) cited by staff said acceptance of the PILOT would produce foregone tax revenue estimated at roughly $17,758,183 and a cumulative foregone 64.3% of tax revenue over the 40‑year pilot period.

The county executive submitted a letter of support and Office of Law found the legislation in proper form. Councilmember Watson moved a favorable recommendation; the committee approved it by roll call vote 8–0. Separately, committee members voted 8–0 to allocate $3,500,000 from the Housing Investment Trust Fund for gap financing for the Flats at Glenridge Station (CR 1 16 20 25).

What’s next: Committee recommendations will be transmitted for further Council consideration and any loan agreement details will be negotiated as part of subsequent approvals.