MONTGOMERY COUNTY, Md. (7News) — A long-awaited redevelopment project was approved for Montgomery County on Tuesday.
VIVA White Oak is a potential $2.8 billion mixed-use development project that would be located on 300 acres near the FDA headquarters in Silver Spring, Maryland.
The resolution passed on Tuesday would provide the VIVA White Oak project with a special tax to backstop anticipated Tax Increment Finance (TIF) bonds.
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The resolution authorized $420 million in limited obligation TIF bonds. The TIF bonds would allow future property tax revenue from the development to cover the cost of roads, utilities and other parts of the VIVA White Oak project, according to the resolution.
The project is expected to create more than 17,000 construction jobs, 9,000 permanent positions, 5,0000 homes, retail space, and lab and office space that will house workers in high-skilled industries.
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The Montgomery County Council will consider a resolution for bonds to partially help fund the project this summer.
The first phase of the project will be around 2 million square feet of development, according to the report.