A bill that’s been introduced in the Prince George’s County Council would provide tax breaks for certain new development projects near public transit, reflecting the county’s ongoing strategic push to become a more competitive economic player in the region.
Council Bill 57, introduced Sept. 27 by County Councilman Mel Franklin, D-At large, is entitled “Revitalization Tax Credits for Major Transit-Oriented Development Projects.” It would establish certain transit-oriented development projects as special tax districts, providing property tax credits of various values, depending on the specific kind of project. The highest-value credits — 100% of the increased assessment resulting from the development for five years — would go to certain projects within half a mile of an existing or approved transit station, whether Metro, Maryland Area Regional Commuter, light rail or bus rapid transit.
“When it comes to high-density transit-oriented development, we have, over the decades, struggled to attract it for a variety of reasons,” Franklin said at a Sept. 14 committee meeting. “But the most notable reason is, it takes a lot for these deals to pencil out ….” That is, development costs — especially for land acquisition and underground parking — can run high, and in some cases developers can’t or won’t undertake projects without public helps to allay some of those costs.
“We want density, we want height, we want mixes of use right at a transit station,” Franklin said.
