4082165 Resolution 19-691, "Parkside Parcel E and J Mixed-Income Apartments Tax Abatement Emergency Declaration Resolution of 2012"

A RESOLUTION

19-691

IN THE COUNCIL OF THE DISTRICT OF COLUMBIA

November 15, 2012

 

To declare the existence of an emergency with respect to the need to amend Chapter 46 of Title 47 of the District of Columbia Official Code to abate the real property taxes on the real property known as the Parkside Parcel E and J Mixed-Income Apartments.

 

            RESOLVED, BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this resolution may be cited as the “Parkside Parcel E and J Mixed-Income Apartments Tax Abatement Emergency Declaration Resolution of 2012”.

 

               Sec. 2.  (a) The Parkside Parcel E and J Mixed-Income Apartments are part of a large

15 acre mixed-use development project in the Kenilworth-Parkside neighborhood of Ward 7.

The plans for this development include a completed senior living building, a completed early

learning childhood education center, a completed public high school, a primary healthcare

facility, single-family townhomes, rental apartments, a neighborhood park, a new pedestrian

bridge, and up to 50,000 square feet of commercial retail space. 

(b) Parkside Parcel E and J Mixed-Income Apartments will be 2 170-unit, mixed-

income apartment buildings that will provide affordable housing options to the Ward 7 community.  This project will be the first of its kind in Ward 7 as it will provide mixed-income rental units just steps away from a Metro station.

(c) The planned unit development process has been completed and the developers are in the process of finalizing the necessary financing.  This tax abatement is necessary to facilitate a speedy closing process to break ground on these buildings as soon as possible.  In the absence of this tax abatement, the funding sources may not be available to make this project a reality.

 

Sec. 3.  The Council of the District of Columbia determines that the circumstances enumerated in section 2 constitute emergency circumstances making it necessary that the Parkside Parcel E and J Mixed-Income Apartments Tax Abatement Emergency Act of 2012 be adopted after a single reading.

 

Sec. 4.  This resolution shall take effect immediately.