Under a Tax Increment Financing (TIF) Policy adopted by the City Council in 2015, the City can, in certain rare situations, provide financial incentives to the developer a future development to help make the project more feasible.
The South Lake development is not currently within the municipal limits of Bowie, but in 2016 City Council entered into an annexation agreement with Karington LLC (developer of South Lake). That agreement is contingent upon the City Council approving a TIF.
Karington LLC has filed an application for Tax Increment Financing with the City. At the September 17, 2018 meeting, Council will be briefed on the application and on the review process that Council will follow.
The September 17 discussion will be strictly informational. No decisions about the TIF will be made at this meeting. Briefing materials will be provided to Council on Thursday afternoon and will be posted on the City website at that time as well (www.cityofbowie.org/agendas). Visit www.cityofbowie.org/tif to learn more information about the City of Bowie's Tax Increment Financing Policy.
Karington LLC has filed a similar application for Tax Increment Financing with Prince George's County and has indicated that both approvals are necessary in order for the project to move forward.