Maryland Department of Transportation
At the Savage MARC station, MDOT selected Petrie Ross Ventures as the joint development partner to create a TOD project. The project needed to support the cost of constructing a structured commuter parking garage in addition to providing a sufficient project return. In 2006, the developer and MDOT jointly prepared an application for the creation of a Tax Increment Financing District to support the additional cost associated with the construction of the MARC commuter parking structure. PES reviewed the potential to use the taxes resulting from new development to leverage funds for the construction of a commuter parking structure. This analysis included an initial assessment of the site’s market potential and a TIF calculation which estimated and projected the project’s assessed values.