COLUMBIA, MD–The Howard Hughes Corp. has closed the first tranche of $48 million of a $90 million Tax Increment Financing Bond Authorization. The proceeds will be used for public improvements including major roadways in the Merriweather District in Downtown Columbia.
The financing overcame several hurdles, including TIF repeal legislation previously proposed by two county council members that was rejected earlier this month and litigation by a consortium of competing developers opposed to the TIF, which was dismissed in circuit court last week.
The TIF bond sale was a success, County Executive Allan H. Kittleman noted in a prepared statement, “reflecting the bond market's validation of the expected success and future opportunity for growth for Downtown Columbia.”
With this initial tranche of TIF bonds closed, development can begin on a potential 4.9 million square feet for the Merriweather District in Downtown Columbia.
“This public/private partnership supports an economically robust environment where businesses have the opportunity to grow and thrive,” said John E. DeWolf, EVP of The Howard Hughes Corp., in a prepared statement. “The funding of the TIF will help make this a reality.”
COLUMBIA, MD–The Howard Hughes Corp. has closed the first tranche of $48 million of a $90 million Tax Increment Financing Bond Authorization. The proceeds will be used for public improvements including major roadways in the Merriweather District in Downtown Columbia.
The financing overcame several hurdles, including TIF repeal legislation previously proposed by two county council members that was rejected earlier this month and litigation by a consortium of competing developers opposed to the TIF, which was dismissed in circuit court last week.
The TIF bond sale was a success, County Executive Allan H. Kittleman noted in a prepared statement, “reflecting the bond market's validation of the expected success and future opportunity for growth for Downtown Columbia.”
With this initial tranche of TIF bonds closed, development can begin on a potential 4.9 million square feet for the Merriweather District in Downtown Columbia.
“This public/private partnership supports an economically robust environment where businesses have the opportunity to grow and thrive,” said John E. DeWolf, EVP of The Howard Hughes Corp., in a prepared statement. “The funding of the TIF will help make this a reality.”
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
