"Soldiers and their families deserve to live in modern, high quality, livable communities," says Ray Clark, acting assistant secretary of the Army for installations and environment. "However, given the current budget process and constraints, we wouldn't be able to accomplish this without the innovative approach that RCI offers."
Under the program, MC Partners LLC--an equal partnership of Picerne Real Estate Group, of Warwick, RI, and the IT Group, headquartered in Pittsburgh PA--will work with Army officials to develop a management plan. Once completed, the plan goes to the Defense Department and Congress for acceptance, with construction slated to begin in spring 2002.
In addition to owning, managing and maintaining the properties, MC Partners LLC will also have responsibility for maintaining grounds, building and maintaining roads and infrastructure and reinvesting profits for future renovations and replacements. Army personnel living at Ft. Meade will receive a housing allowance that will be used to pay rent. Rental revenues will cover development costs, operations and maintenance costs and debt. Army officials value the project at about $3 billion over 50 years.
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