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Joint committees recommend $420 million bond authorization for Viva White Oak development
Summary
A joint Montgomery County committee recommended Expedited Bill 31-26 to authorize up to $420,000,000 in bonds for the Viva White Oak Development District and accepted a technical amendment that requires council review at set cumulative issuance thresholds.
A joint committee of the Montgomery County Government Operations and Fiscal Policy Committee and the Economic Development Committee voted to recommend Expedited Bill 31-26, which would authorize the county executive to issue bonds in one or more series in an aggregate principal amount not to exceed $420,000,000 to fund improvements in the Viva White Oak Development District. Chair Stewart told the committee the authorization is intended to cover phase 1 of the project.
A staff member, Gorzalek, explained a technical amendment that the committee accepted. Gorzalek said the amendment would require the county executive to come to the council for approval by resolution before any bond issuance that would bring the cumulative principal above specified thresholds. He said the initial authorization would allow a first $220,000,000 tranche, which should cover phase 1 work, and that later tranches above the thresholds would return to the council for additional review. "This amendment would require that for any bond issuances that would bring the cumulative total of principal bond above $220,000,000 and $320,000,000 before that issuance, the county executive would need to come to the council and get approval by resolution," Gorzalek said.
Council member Mink spoke in support, calling the amendment a technical clarification that balances legislative oversight and developer flexibility. Council member Natalie Fangaza said the checkpoints add "critical checks and balances" for taxpayers and residents and said she would vote for the amendment and the packet. With no objections, the chair accepted the amendment and the committee recommended the amended bill to full council; the chair called for those in favor and reported that all members present raised their hands to recommend the bill for Tuesday’s full council consideration.
The joint committee did not record a roll-call tally in the transcript; the recommendation proceeded by unanimous consent/hand raise. The bill and amendment will next be considered by the full Montgomery County Council on Tuesday.
