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Council staff outlines $40M White Oak Science Gateway reimbursement plan; bond issuance to follow
Summary
Committee members were briefed on a $40 million White Oak Science Gateway project that will reimburse developer costs for road construction under an existing road participation agreement; staff said funding is appropriated and a bond issuance is expected this summer to kick off construction timing.
County staff told the Economic Development Committee the White Oak Science Gateway project is a $40,000,000 package intended to assist with road construction connected to the Viva White Oak development and an earlier 2017 road participation agreement.
Staff said most of the funding is appropriated as reimbursements: the developer incurs costs and the county reimburses them later. The project also links to recent TIF actions; staff said the financing will likely be tied to a bond issuance anticipated this summer, which would be the trigger for earth‑moving and road construction. Staff recommended the committee accept the executive—s CIP timeline but suggested committees may want more precise timing updates as underwriting and site planning proceed.
Council members asked staff to operationalize periodic updates because the pace of activity can vary substantially between reporting periods. The committee accepted the executive recommendation for the White Oak project by unanimous consent and asked staff to return with updated timelines and a schedule for regular briefings.
