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County council authorizes $420M in TIF bonds to kick off Viva White Oak development, officials say
Summary
The county council authorized $420,000,000 in tax-increment financing bonds for the 280-acre Viva White Oak development; County Executive Mark Elridge said the project could include up to 5,000 homes and create thousands of construction jobs and 9,000 permanent jobs when completed.
Mark Elridge said the county council voted to authorize $420,000,000 in tax-increment financing (TIF) bonds to support infrastructure for the 280-acre Viva White Oak development, which he said will bring homes, shops, offices and life-sciences space to East County. "When fully built, it will include up to 5,000 homes and millions of square feet of commercial and office space," he said.
Elridge described the bonds as financing for public roads, site cleanup and other infrastructure that will be repaid using future tax revenue generated by the development, and said the project will create thousands of construction jobs in the near term and about 9,000 permanent jobs once completed.
