Big D.C. projects could be backed by $100M+ in TIF bonds

Two large developments planned in D.C. could get a significant financial boost with the approval of two pieces of recently introduced legislation that would provide the projects with more than $100 million in tax-increment financing.

D.C. Council Chairman Phil Mendelson introduced legislation Oct. 1 at the request of Mayor Muriel Bowser that would authorize TIF bonds to fund up to $47 million in public infrastructure needed for Bethesda-based MidCity Financial Corp. to move forward on its 1.9 million-square-foot mixed-use Rhode Island Avenue (RIA) project in Brentwood, in Ward 5.

The other bill would provide $60.8 million for the 1.5 million-square-foot Reunion Square development in Anacostia from Four Points and Curtis Investments. That project calls for a 180-room hotel; a 133-unit apartment building with 20 percent of units serving as affordable housing for families earning less than 60 percent of median family income; 250,000 square feet of new office space; 13,590 square feet…

Read the full story from the Washington Business Journal.