Title
Request to Address the Board (B)
Explanation
Trimark Properties/Heritage Investment Group has requested to address the CRA Board directly regarding an application to the College Park University Heights (CPUH) Redevelopment Incentive Program for Stratford Court Apartments. The developer is seeking CRA approval prior to review by the CPUH Board in order to meet a tight development schedule.
The developer is requesting $157,099.98 in incentives through the College Park University Heights Redevelopment Incentive Program. The developer has provided staff with a complete application and the project meets all the criteria for the program, except review by the CPUH Advisory Board. The Advisory Board has discussed the project design, but has not reviewed the application.
Fiscal Note
This application requests payment of 100% of the increment for the first 5 years the full value of the property is on the tax rolls. Beginning in year 6 the full increment will be added to the CPUH budget.
Recommendation
Executive Director to the CRA: Hear a presentation from the developer and take appropriate action.