AN ORDINANCE concerning: the creation of a special taxing district to be designated as “Odenton Town Center Special Taxing District I” located within Anne Arundel County, Maryland (the “County”); (Hearing Concluded)(Eligible for Vote)
Introduced by Mr. Grasso, Chairman (by request of the County Executive)
FOR the purpose of providing for creation of the Odenton Town Center Special Taxing District I, located within the boundaries of the County, pursuant to the provisions of Subtitle 5 of Article 21 of the Local Government Article of the Annotated Code of Maryland (2013 Replacement Volume and 2016 Supplement) and Sections 8-101 through 8-106 of Article 4 of the Anne Arundel County Code (2005, as amended) (together, the “Special Taxing District Act”); providing for the designation of a geographic area as a “special taxing district” as that term is used in the Special Taxing District Act; providing for and determining the various matters in connection with the creation of the Odenton Town Center Special Taxing District I; creating a special fund (the “Special Tax Fund”) to secure bonds issued to finance infrastructure improvements permitted by the Special Taxing District Act relating to the Odenton Town Center Special Taxing District I and the Odenton Town Center Development District, a tax increment development district located within the County established pursuant to the provisions of Sections 12-201 through 12-213 of the Economic Development Article of the Annotated Code of Maryland (2008 Volume and 2016 Supplement) (the “Tax Increment Act”) and the provisions of Resolution No. 42-14 adopted by the County Council of the County on October 20, 2014 and approved by the County Executive of the County on October 24, 2014, as amended by Resolution No. 8-17; providing for the levy of a special tax in compliance with the Special Taxing District Act; providing for the authorization to pledge that amounts on deposit in the Odenton Town Center Development District Tax Increment Fund and the Special Tax Fund shall be paid over to secure bonds or other indebtedness issued by Maryland Economic Development Corporation (“MEDCO”) in an aggregate principal amount not to exceed $16,400,000; authorizing the execution and delivery by the County of one or more pledge agreements in connection with such pledge; providing that bonds or other indebtedness issued by MEDCO shall not constitute a general obligation debt of the County or a pledge of the County’s full faith and credit or taxing power other than the amounts pledged and on deposit in the Odenton Town Center Development District Tax Increment Fund and Special Tax Fund; authorizing the County Executive to specify, prescribe, determine, provide for and approve certain details, forms, documents and procedures and any other matters necessary or desirable in connection with the foregoing; and providing for and determining various matters in connection with the foregoing.