The Prince George’s County Council unanimously approved a resolution Tuesday establishing the National Harbor Extraordinary Development District, opening the door for the County to use tax increment financing (TIF) to help fund future public infrastructure and redevelopment projects within a portion of National Harbor.

The newly designated district covers part of the existing National Harbor Development District in Oxon Hill. The resolution establishes a special fund that will receive certain property tax revenues generated within the district, including park, recreation, and administrative taxes collected under an agreement with the Maryland-National Capital Park and Planning Commission.

Tax increment financing allows local governments to finance public infrastructure and other eligible improvements by capturing future increases in property tax revenues generated within a designated development area. Rather than relying on existing tax revenues, the financing is repaid using the additional tax base created as development occurs.

The resolution marks another step in the continued evolution of National Harbor, giving the County additional flexibility to finance future infrastructure and redevelopment projects as the waterfront destination continues to grow.

Visit the Prince George’s County website for more information.