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Tax increment financing bonds issued for Walton's Westphalia town center development

Financial Post, 2018/12/15

CALGARY, Alberta — Walton Westphalia Development Corporation (the “Corporation“) announced today that Prince George’s County Maryland issued $39,755,000 of its tax increment financing (TIF) bonds for public infrastructure projects in and around Westphalia Town Center. The bond sale proceeds are immediately available for the developer to design and construct Presidential Parkway, and complete the design and upgrade the intersection of MD-4 and MD-223. These improvements are expected to unlock the potential of Westphalia Town Center, relieve existing traffic problems, and spur economic development in this part of the County.

The Corporation’s president, CEO, and chairman Bill Doherty said, “This investment in Westphalia by the County and the TIF bond holders will allow us to move forward with best-in-class builders, and retail and development partners”. Mr. Doherty added, “While there has been strong builder and end user interest in the Phase 1 town home lots and retail land, the success of future commercial phases depends on upgraded public infrastructure. We appreciate the partnership and teamwork of Prince George’s County and the entire finance team for their confidence in us and in the project.”

Currently the Corporation is delivering residential townhome lots to three homebuilders, recruiting retail tenants, and evaluating offers from multiple partners for various uses in future phases of the Corporation’s project in Prince George’s County, Maryland.