On Tuesday, City Manager Jim Parajon unveiled a plan to catalyze a two-phase development of the former Potomac River Generating Station in Old Town North with a $135 million city investment.
The $135 million, 30-year tax increment financing agreement would be funded by projected future tax revenues at the 19-acre mixed-use site through the creation of a Community Development Agency. Under the proposal outlined to City Council, Parajon said the $135 million investment would spark more than $2 billion in private sector investment and generate more than $770 million in tax revenues.
