Montgomery County has proposed its first-ever Tax Increment Financing (TIF) plan to help fund infrastructure for the $2.8 billion Viva White Oak development, a large-scale mixed-use project in East County expected to bring thousands of jobs, housing units, and new public amenities.
Per the news release: “Montgomery County today announced the first-ever Tax Increment Financing (TIF) proposal to support the $2.8 billion Viva White Oak project — a transformative mixed-use development that will bring thousands of jobs, housing units, and new infrastructure to East County.
“Development at this site has languished for years and I’m happy that we are finally moving it forward,” said County Executive Marc Elrich. “This deal represents a real investment in East County, an area that has waited far too long for this kind of attention and opportunity. I want to thank MCB Real Estate for stepping up as a true partner and working with us to unlock the potential of this site. This is what it looks like when we align economic growth with community needs—jobs, housing, infrastructure and green space all in one place. This is the largest and most important real estate development for East County. I am very pleased to have this partnership with MCB Real Estate.”…