ANC2C02 Forum

The Washington Business Journal had an article today on the TIF Roadside Development is seeking from the District for the CityMarket at O Street development.

"‘Without a government subsidy, this project will not happen,’ said Richard Lake, a partner with Roadside, a D.C.-based real estate group.

”Lake declined to disclose how much funding Roadside requested under the city's tax increment financing program, although the company told the Washington Business Journal a year ago it planned to ask for at least $40 million. A decision on the financing is about a month away. Under the TIF program, the city sells bonds to fund improvements; new taxes generated by the improved project are used to repay the bonds.”
— O Street Market development hangs on TIF financing, The Washington Business Journal, May 16, 2008

Councilmember Jack Evans and I spoke today about his efforts to get the appropriate financing for this project and he assures me that he is doing everything in his power to deliver this project to the community as quickly as possible. I am told there there was tremendous response from my post earlier this week on CityMarket at O. Around 150 residents and business owners signed the petition over the course of just two days and many others voiced their concerns directly to Mr Albert's Office.

I will close the petition at this point, since Mr Evans has indicated that he is working to satisfy the concerns of the community and has acknowledged the City's goal to see to it that the project gets the proper funding as quickly as possible.