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Montgomery County Proposes Tax Increment Financing for Viva White Oak Project

Silver Spring, MDLocal News

Montgomery County aims to move forward with the Viva White Oak project through a Tax Increment Financing proposal that could unlock its potential after years of delays. The 280-acre site, located near the U. S. FDA campus, is expected to create over 17,000 construction jobs and generate $62 million annually in county revenue upon completion. The TIF financing mechanism will enable the county to invest in essential infrastructure without straining current resources.

County Executive Marc Elrich expressed optimism about the development's potential to revitalize East County, thanking MCB Real Estate for their partnership. MCB’s managing partner, P. David Bramble, highlighted the importance of investing in communities that have been overlooked. The project plans to include nearly 5,000 homes, retail, and public spaces, along with new schools and parks. An independent analysis projects an assessed value of $2.

8 billion for the project, potentially yielding $320 million for public infrastructure improvements. The Montgomery County Council will now consider the financing proposal for approval.

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