Bill > SB552

This bill establishes the Suitland Development Authority in Prince George's County to revitalize the Suitland Road and Silver Hill Road corridor, a "target area" identified as needing residential and commercial development due to decades of low economic growth and deteriorating conditions. The Authority, a governmental instrumentality, will be responsible for supporting and developing a neighborhood revitalization plan in coordination with local residents, and it is mandated to receive an annual appropriation of $500,000 from the state budget, becoming self-sustaining by fiscal year 2036. The Authority has the power to modify the boundaries of the target area and a surrounding "buffer zone" (an area within 250 yards of the target area) with a majority vote, and it is exempt from certain taxes and assessments, though property sold or leased to private entities will be subject to local property taxes. The bill also outlines the composition of the Authority's Board of Directors, which includes state and county officials, as well as community and business representatives, and details the Authority's broad powers, including making loans, grants, acquiring property through various means (with specific exceptions for owner-occupied residential properties and property owned by certain county authorities), and entering into contracts to promote economic development and improve the welfare of Prince George's County residents.