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Council committee advances Mill Branch Crossing TIF and $17.5 million bond authorization
Summary
The Government Operations and Fiscal Policy Committee voted to recommend favorable action on CR 62-2024 (designation of the Mill Branch Crossing TIF district) and companion CB 64-2024 authorizing up to $17.5 million in special-obligation bonds; one councilmember abstained on each measure pending further review.
The committee moved favorably on both the Mill Branch Crossing tax-increment financing resolution and its companion bond authorization after staff and witnesses described the project and financing structure.
John Henry King, economic development director for the City of Bowie, told the committee the city supports the project and that TIF-financed infrastructure would “allow for access to the Green Branch Park,” saying the financing would be used for road improvements to enable public recreational access. Bond counsel Allen Cason emphasized the deal is a developer-held note secured by tax-increment revenue and not an additional special assessment: “So there's no additional tax or assessment.”
Council staff noted the earlier 2022 proposal associated with the site estimated construction and permanent job figures and projected approximately $47,000,000 in additional revenue for the county; the current resolutions would approve the TIF proposal and compliance steps while leaving bond issuance subject to future sale decisions. The committee recorded a favorable recommendation on CR 62 with four ayes and one abstention; the companion bill, CB 64, authorizes issuance of special-obligation TIF bonds in an aggregate principal amount not to exceed $17,500,000 and received a similar favorable recommendation with one abstention.
The committee requested the county and sponsor provide the underlying financial impact study (conducted by Municap and reviewed by a county financial adviser) to committee members before further action so members can examine projected tax-increment receipts and long-term debt-service costs.
