Statement
Statement from County Executive Marc Elrich on Passage of the Tax Increment Financing Package for Viva White Oak Development
For Immediate Release: Tuesday 24 February
“I want to thank the County Council for their support and passage of the Tax Increment Financing (TIF) package for Viva White Oak. I also want to recognize MCB Real Estate for their collaborative work with the County and the East County community to move this forward. Large projects only succeed when there is trust, patience, and a willingness to engage. MCB demonstrated that throughout this process.
Viva White Oak is a transformational development for East County. For too long, this part of Montgomery County has not seen the level of investment it deserves.
This project will bring an estimated 5,000 new homes, more than 9,000 permanent jobs, long-awaited infrastructure improvements, and the kind of mixed-use development that creates real community with parks, trails, retail, and space for future public facilities.
The Viva White Oak development will expand our tax base, and position Montgomery County to compete for jobs and investment in a very competitive market. At full buildout, this project is expected to generate tens of millions of dollars in annual County revenue.
Just as important, this financing structure protects existing County resources. Independent analysis confirmed that this TIF does not impact our general fund or our bond rating. It allows future growth at the site to pay for the infrastructure needed to unlock that growth.
East County has waited a long time for this moment. Today’s vote moves us from planning and discussion to action. I’m proud of the work we’ve done together, and I look forward to seeing shovels in the ground and this vision becoming reality.”
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Release ID: 26-009