The Planning Board discussed financing options for the White Flint 2 area during their March 23rd worksession. Via their presentation, the planning staff said that there are $181,717,000 worth of White Flint 1 special tax district funded improvements planned.
The established tax rate is $0.103 per $100 of assessed value in the special White Flint taxing district. The planning staff said they learned a few lessons from the White Flint 2 tax district, including: 1) the need to exercise caution on the timing of development 2) taking into consideration that revenue stream is based on new development, not existing, and 3) taxing and improvements must be equitable within and outside the district. The planning staff projects there is a need for $45 to $70 million worth of capital improvements in White Flint 2.
The planing staff went over various funding mechanisms that are used in the county. They recommend that the White Flint 1 special taxing district be extended to include White Flint 2. Another potential funding method in White Flint 2 is the pro rata alternate transportation impact fee which is being used in White Oak.
Ramona Bell-Pearson of the county executive’s office spoke as well. She said the county executive is committed to the development of the White Flint 1 and 2 areas. She also said the county is pulling together White Flint 1 and 2 developers to understand their plans and expectations. The county has forward funded $70 million for capital improvements like the western workaround.
You can view the planning staff presentation by clicking here.