Case Studies Archive - MuniCap, Inc.

Baltimore Affordable Housing Program

D3 Support — Tue, 30 Dec 2025 16:38:56 +0000

The post Baltimore Affordable Housing Program appeared first on MuniCap, Inc..

Bayonne Crossing

D3 Support — Fri, 14 Jul 2023 19:50:28 +0000

Development District

Total of 360,045 square feet of mixed-use development including approximately:
286,587 square feet of space occupied by national big-box retailers
24,182 square feet of restaurant space occupied by national chains
1,770 available parking spaces
534 residential units:
- 180+ currently completed
- 354 currently being constructed, planned for completion by 2025
Previously a defunct chemical industrial brownfield site.

Project Financing

Series A and B bonds issued in 2009 in the amount of $18,726,295.
Taxable 20-year term bonds used to:
- make a loan to finance the costs of sewer and stormwater infrastructure, fund capitalized interest, pay all costs and fees associated with the issuance of the bonds, and
- make a loan to finance a portion of the costs of the drinking water infrastructure in the project area.

Repayment Structure

Project area received a tax abatement pursuant to the Long Term Tax Exemption Law.
Bonds are repaid via Payments in Lieu of Taxes “PILOT” in the form of the Annual Service Charge collected on property in the project area.
- Annual Service Charge = Base Annual Service Charge plus Additional Annual Service Charge
  - Base Annual Service Charge – Represents the amount to be collected at least equal to the otherwise applicable tax in the last full tax year prior to the Financial Agreement execution.
  - Additional Annual Service Charge – Represents the service charge to be collected if amounts from the base annual service charge are not sufficient to pay debt service, interest, and administrative expenses on the bonds pursuant to a formula in the Financial Agreement.
- Service charges are calculated for each calendar year effective January 1, divided into quarterly payments due and payable.
Trustee makes debt service payments with PILOT revenues received and distributes County Share (equal to 5% of Annual Service Charge) quarterly.

The post Bayonne Crossing appeared first on MuniCap, Inc..

Reunion Square

D3 Support — Fri, 23 Sep 2022 18:15:06 +0000

Washington, DC has made a commitment to greater equity in its redevelopment efforts. The core part of the city has seen remarkable new development, revitalization, and economic growth. Neighborhoods east of the Anacostia River have largely been left out of this renaissance. Tax increment financing has been an important tool to implement the city’s goal of greater equity in the city’s economic development efforts.

There are several major projects east of the river now under development spurred by tax increment financing. One of these projects is Reunion Square. Reunion Square is a multi-phase, 8-acre, 1.5 million square feet master planned development located in Historic Anacostia. Reunion Square is expected to include approximately 950,000 sf of office space, 130,000 sf of neighborhood serving retail, and 480 apartment units, of which a significant portion will be affordable. Historic Anacostia is well situated between the Navy Yard, the new Homeland Security Headquarters, and St. Elizabeth’s. Reunion Square is located proximate to the Anacostia Metro Station. The development fronts on Interstate I-295 with dramatic views of Anacostia Park, the Anacostia River, the new sports stadiums, and the U.S. Capitol.

Washington, DC is helping to foster its commitment to greater equity with both tax increment financing and by placing DC agencies in these redevelopments. Reunion Square will include a new 200,000 SF headquarters for the District of Columbia Department of Health, the Office of Lottery and Charitable Games, and the Department of For-Hire Vehicles. The office buildings will be built to LEED Gold certification standards for core and shell and LEED silver certification for commercial interiors. The District of Columbia approved $45,800,000 in tax increment financing bonds for the redevelopment. These bonds will primarily fund the costs of structured parking. After being passed over for redevelopment for decades, the first-ever tax increment financing in Ward 8 will build a new economic engine fulfilling the vision for equitable development east of the river.

The post Reunion Square appeared first on MuniCap, Inc..

Downtown Columbia

D3 Support — Fri, 23 Sep 2022 18:12:36 +0000

Howard County developed a general plan to guide future development in the county that envisages an urban city center around the existing Columbia mall. The goal is to create a vibrant, inclusive, sustainable community, while replacing much of the existing surface parking and creating walkable streets through the urban center. The development will include 6,244 high-density residential units, a significant number of which will be affordable, 4,300,000 sf of office space, 125,000 sf of retail space and 640 hotel keys. The development will also include a rebuilt Merriweather pavilion, a new library, fire station, transit center, performing arts center, traffic improvements and a school. Howard County authorized $90,000,000 of bonds for the first phase of development to fund the construction of parking facilities, roads, intersections, parks, plazas, and utilities. The bonds are secured by real property tax increment revenues with a backup special tax to ensure there are sufficient revenues to repay the bonds. The county will have no liability for the repayment of the bonds other than the pledge of the incremental real property taxes.

The post Downtown Columbia appeared first on MuniCap, Inc..

Ballston Quarter

D3 Support — Fri, 23 Sep 2022 18:07:04 +0000

The former Ballston Commons Mall, located at the Ballston MU Metro Station, is at the heart of a significant employment center in Arlington County. With the mall in decline, it was imperative that the county foster the redevelopment of the mall to create an amenity for this employment area that would help retain these jobs in the county. Arlington County used tax increment financing to provide the owner of the mall an incentive for its redevelopment. The redevelopment of the mall included adding 406 apartment units, renovating the parking, and replacing 360,000 sf of retail space with entertainment and dining. The redevelopment included opening a portion of the mall to daylight. The Ballston Quarter Community Development Authority, created by Arlington County, issued $44,160,000 of tax-exempt bonds and $15,710,000 of taxable bonds to fund construction of roads and streetscape, plazas, parking, and a pedestrian bridge. The bonds are secured by real property, sales, and meals tax increment revenues, with a backup special assessment to ensure sufficient revenues to repay the bonds. Fairfax County will have no liability for the repayment of the bonds other than the pledge of the incremental real property, sales, and meals taxes.

The post Ballston Quarter appeared first on MuniCap, Inc..

Innovation Station

D3 Support — Fri, 23 Sep 2022 17:17:55 +0000

Vacant land on the Dulles Toll Road at the last metro station before reaching Dulles International Airport is being developed as a project that will leverage Loudoun County’s position as the leading location in the world for data storage. Innovation Station is intended to leverage this position to develop a highly amenitized project that will provide an ideal location for the hi-tech fields of cyber security and icloud computing. Proximity to Dulles International Airport and a metro line providing access to D.C. will strengthen the opportunity for this economic development strategy. The project is proposed to consist of 1,825,000 sf of office space, 348,000 sf of retail space, 280 hotel keys, 2,735 apartment units, 7,925 structured parking spaces, an entertainment venue, two significant parks in the midst of the development, and a large central plaza and gathering space. Loudoun County is working with the development team on TIF bonds to be issued in the amount of $125,000,000 for the first phase of development to fund construction of roadways, utilities, parks, plazas, structured parking and associated soft costs. The bonds are proposed to be secured by a pledge of real property tax increment revenues, with a backup special assessment to ensure sufficient revenues to repay the bonds. Special assessments are utilized to ensure the developer produces sufficient revenues to repay the bonds. Loudoun County will have no liability for the repayment of the bonds other than the pledge of incremental real property taxes.

The post Innovation Station appeared first on MuniCap, Inc..

Harbor Point

D3 Support — Wed, 20 May 2020 12:03:02 +0000

As the City of Baltimore has lost industries, many of which have left the country, and businesses and people have moved to the suburbs, the City’s economic development strategy has sought to take advantage of redeveloping its waterfront with vibrant urban communities, which most surrounding suburban communities cannot provide. The redevelopment of the former Allied Signal’s chrome ore processing plant is one of these developments. This brownfield site was redeveloped into Harbor Point, a 27-acre, mixed-use waterfront development project that will include over 900,000 sf of residential development, 1,600,000 sf of Class A office space, 220,000 sf of retail space, 220,000 square feet of hotel space, and structured parking to serve the project. The City authorized $125,000,000 of bonds, of which $90,000,000 have been issued and another $35,000,000 of bonds are to be issued this year to fund construction of a 4.5-acre waterfront park, Central Avenue Bridge, a central plaza, improvements to the Living Classrooms school building, roadways, utilities, and parking. The bonds are secured by real property tax increment revenues with a back-up special tax to ensure there are sufficient revenues to repay the bonds. The project has proved to be an attractive location for corporate space, with significant office tenants including Morgan Stanley, Exelon, Transamerica, and with T. Rowe Price set to make Harbor Point its new corporate headquarters. The City of Baltimore will have no liability for the repayment of the bonds other than the pledge of the incremental real property taxes.

The post Harbor Point appeared first on MuniCap, Inc..

Mosaic District

D3 Support — Wed, 20 May 2020 12:02:35 +0000

The former movie theater and surface parking lot located at the Dunn Loring Metro Station was redeveloped into a mixed-use, transit-oriented development. The project was redeveloped with urban levels of density to create a vibrant city center within the county. The development consists of 1,000 apartments, 112 townhouse units, 75,750 sf of office space, 505,000 sf of retail space, 300 hotel keys, and parking facilities necessary to service the development. The Mosaic District Community Development Authority, which was created by Fairfax County, issued $65,650,000 of bonds to fund construction of public roads and streetscape, parks and open spaces, stormwater system improvements and other utility infrastructure, improvements to a middle school and parking facilities for the project. The bonds are secured primarily by real property tax increment revenues with additional security provided by a backup special assessment to ensure sufficient revenues to repay the bonds. Fairfax County has no liability for the repayment of the bonds other than the pledge of real property tax increment revenues.

The post Mosaic District appeared first on MuniCap, Inc..

Annapolis Junction Town Center

D3 Support — Wed, 20 May 2020 12:01:24 +0000

Howard County participated in the redevelopment of the surface parking at the Savage Marc Station to create Annapolis Junction Town Center, a high-density, mixed-use, transit-oriented city center. The redevelopment consists of 100,000 sf of Class A office space, 17,450 sf of retail space, a 150 key hotel, 416 apartment units, and 700 structured parking spaces. Howard County issued $17,000,000 in bonds to fund construction of a multi-level commuter parking garage, roadways, utilities, improvements to the Marc station, lighting, landscaping, and traffic improvements. The bonds are secured by real property tax increment revenues and state BRAC revenues, with a backup special tax to ensure sufficient revenues to repay the bonds. The county will have no liability for the repayment of the bonds other than the pledge of the incremental real property taxes.

The post Annapolis Junction Town Center appeared first on MuniCap, Inc..

Metro Centre at Owings Mills

D3 Support — Wed, 20 May 2020 11:54:54 +0000

Baltimore County fostered the redevelopment of the surface parking at the Owings Mills Metro Station to create a mixed-use, transit-oriented, urban city center anchored with a library and community college and a vibrant mix of private development. Owings Mills Metro Center consists of 1,700 apartments, 516,000 sf of Class A office space, 245,000 sf of retail space, a 229 key hotels, and structured parking. MEDCO acted as a conduit issuer on behalf of Baltimore County and issued $32,345,000 in bonds to fund the construction of structured parking. The bonds are secured by real property tax increment revenues and a backup special tax to ensure sufficient revenues to repay the bonds. The county will have no liability for the repayment of the bonds other than the pledge of incremental real property taxes.

The post Metro Centre at Owings Mills appeared first on MuniCap, Inc..