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County $2.5 Million EDI Fund Moves New Carrollton Metro Development Forward

LANHAM, MD - Today, the Prince George's County Economic Development Corporation (EDC)  celebrated the official awarding of $2.5 million from the Economic Development Incentive Funds (EDIF) to Berman Enterprises for the furtherance of its Carrollton Station project. The EDI Fund support was critical to Berman Enterprises and its mixed-use project at Carrollton Station. Anchored by the State DHCD headquarters, this second phase of the project, starting in the next three months, will include retail and residential development. The County Executive's Office led negotiations for the project, with support from EDC and FSC First.  

The County used this occasion to also announce that there are a total of 28 deals in the EDIF pipeline over the next 12 months, totaling $20 million in EDI Fund requests.  If approved, these deals will result in $670 million in capital investment in Prince George's County and the retention and creation of more than 9,500 jobs, not including construction jobs.

From l. to r. Lori Valentine, EDC Communications Director, Britta Vander Linden, EDC COS, Ebony Stocks, EDC EDI Fund Manager, David Iannucci, ADCAO County Executive's Office, Adam Berman, Partner, Berman Enterprises, Dawn Medley, FSC First VP Business Financing, Shelly Gross-Wade, FSC CEO, Council Member Dannielle Glaros, Dist. 3"We are proud to see Carrollton Station's continued progress at the New Carrollton Metro Station," said David Iannucci, Assistant Deputy Chief Administrative Officer for Economic Development and Public Infrastructure. "Carrollton Station is a great example of the types of projects supported by the EDI Fund. This project especially supports the County Executive's economic development goals and shows our continued transformation at one of County's major transportation assets."

As the County continues to move forward to shore up its commercial tax base, the EDI Fund has remained an important incentive tool to help businesses expand in Prince George's County.  

"The Berman Family is extremely proud to be working on another great project in Prince George's County, creating quality economic development, jobs, increasing the tax base and being part of a nucleus around which the New Carrollton area will continue to grow and thrive," said Adam Berman, Partner, Berman Enterprises.  "This could not have been done without the efforts of a number of public officials that want to see the New Carrollton transit area develop to its fullest potential. Their collective efforts, along with the support of the community and countless State, County and Town agencies have thus far allowed us to deliver our development on time and on budget."

The County's Economic Development Incentive Fund was created as a $50 million fund designed to create jobs, increase the commercial tax base and at the same time, create a "Wow" factor to attract businesses and investments in Prince George's County.  Companies for the EDI Fund are businesses that are expanding within the County or are considering relocating to the County and are seeking financial assistance with construction costs, relocation costs, acquisition costs or leasehold improvements.  

"We are pleased to have such a phenomenal incentive tool to build the excitement and interest in doing business in the County," said Ebony Stocks, EDC's EDI Fund Manager.  "Of the 28 deals in the EDI Fund pipeline, we believe that 12 of them will close within the next six months, totaling $93 million in capital investment and 4,053 jobs.  This type of development is a major game-changer for Prince George's County and I am delighted to be a part of it."

The EDI Fund was created to help support all types of businesses including small, local, and minority businesses, promote development and redevelopment projects, transit-oriented development and growth of key industry sectors.  The collaboration of government and the private sector in seeing projects such as Carrollton Station come to fruition has been key in attracting even more projects from developers who see that there is a 'new day' in Prince George's County.

"This project is tremendously important to Councilmanic District 3. The opening of the Department of Housing and Community Development brought additional jobs," said Council Member Dannielle Glaros (Dist. 3)  "Because of County collaboration and the EDI Fund, we will soon see the first market-rate housing in this community in many years as well as new amenities to support the office employees and residential community."

The projects approved for EDI funding will generate more than $20.4 million in commercial tax revenue over the next 10 years and have indelibly assisted Prince George's County in competing more effectively with its neighboring jurisdictions as well as the region for companies looking to locate and relocate to the Washington, D.C. metropolitan area. 

For more information about the Economic Development Incentive Fund, contact Ebony Stocks, EDC EDI Fund Manager at 301-583-4650 or visit www.pgcedc.com.

 

$670 Million in EDI Projects to Create More than 9,500 Jobs in Next 12 Months

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