Agreement with state, sale of growth rights could cut $8.5 million cost in half
County parks officials wish to buy land nearby a intersection of Bethesda and Woodmont avenues for a origination of a new civic park.
VIA GOOGLE EARTH
Montgomery County Council President Roger Berliner pronounced a $8.5 million cost for 0.4 acres nearby Bethesda Row could dump by a land-use agreement with a state and by offered growth rights.
The county skeleton to squeeze a skill from developer Federal Realty to spin it into an civic park. The park would be combined on a triangular parcel opposite from Landmark Theatre.
“People craving for places where a village can come together,” Berliner pronounced during a press lecture Monday. “It’s, in my judgment, an ideal mark for it.”
The plcae during 4801 Bethesda Ave. is subsequent to where Bethesda’s new Purple Line hire is being assembled in a former Capital Crescent Trail hovel underneath a Apex Building.
“The squeeze strikes some people as high,” Berliner said. “But a net [cost] to a county is approaching to be reduction than half of that.”
Berliner pronounced a state is approaching to repay a county to use partial of a land as a Purple Line entertainment area.
He also pronounced a county competence sell a new building area ratio (FAR) growth rights to another developer in a area. A developer could squeeze a rights, afterwards erect a building with some-more units elsewhere downtown.
The county skeleton to compensate for a land with income from a Advance Land Acquisition Revolving Fund (ALARF), that a county uses to squeeze land for open use.
The park would embody immature space, trees and sitting areas, according to a blueprint submitted to a County Council Tuesday.
The legislature introduced a fortitude on Tuesday to approve a squeeze and is scheduled for a final opinion on either to buy a skill on Dec. 5.
The squeeze will use adult about dual thirds of ALARF’s $11.5 million balance. A legislature staff memo remarkable that a $8.5 million squeeze cost “is upheld by eccentric appraisals.”
Berliner pronounced Federal Realty formerly due a 14-story building that wasn’t grown during a site.