Division 1. Authorization

There exist within Prince George's County a number of areas in need of residential, commercial, or industrial development or redevelopment in furtherance of the public interest;

Such areas include both areas that are considered slum or blighted areas and areas that are not subject to such deteriorated or deteriorating conditions, but which are in need of development or redevelopment for the public benefit;

In order to revitalize these areas of the County, it is necessary that the County be authorized to acquire, by any legal means, including by exercise of the power of eminent domain, land or property for residential, commercial, or industrial development or redevelopment, to develop or redevelop land or property for residential, commercial, or industrial purposes, and to dispose of land or property for residential, commercial, or industrial development or redevelopment under certain circumstances;

In order to revitalize these areas of the County, it also is necessary that the County have the power to establish a separate authority whose purpose will be to facilitate land or property acquisition, development or redevelopment, and disposition for residential, commercial, and industrial purposes in furtherance of the public interest;

In order to accomplish the purposes of this Subtitle, it is necessary to authorize the County to delegate to such separate authority the authority to acquire, by any legal means, including by exercise of the power of eminent domain, land or property for residential, commercial, or industrial development or redevelopment, to develop or redevelop land or property for residential, commercial, or industrial purposes, and to dispose of land or property for residential, commercial, or industrial development or redevelopment under certain circumstances;

The revitalization of areas within Prince George's County in need of residential, commercial, or industrial development or redevelopment is an essential governmental function, and is a public use which will confer a public benefit on the citizens of the County by relieving conditions of unemployment, encouraging the increase of industry and commerce and a balanced economy, assisting in the retention of existing industry and commerce and in the attraction of new industry and commerce, promoting economic development and growth, and generally promoting the health, welfare, and safety of the residents of the County;

The exercise by the County or the authority which the County is authorized to establish of the power of eminent domain in accordance with this Subtitle in order to provide an impetus which private enterprise cannot provide is hereby declared to be for a public use;

The powers granted pursuant to this Subtitle shall be regarded as supplemental and additional to powers conferred by other laws, and may not be regarded as in derogation of any powers now existing;

This Subtitle is necessary for the revitalization of Prince George's County and the public interest of its citizens and shall be liberally construed to effect its purposes; and

The necessity in the public interest for the provisions hereinafter enacted is hereby declared as a matter of legislative determination.

Bond or bonds means revenue bonds or notes, including, without limitation, bond anticipation notes and notes in the nature of commercial paper, or other instruments, certificates, or evidences of obligation issued and sold or offered for sale by the Redevelopment Authority, including refunding obligations.

Cost means the cost of or expense associated with:

County means Prince George's County, Maryland.

Local law means a legislative act of the County.

Redevelopment Authority means the Redevelopment Authority of Prince George's County authorized to be established pursuant to this Subtitle.

To acquire, within the boundary lines of the County, land and property of every kind, and any right, interest, franchise, easement, or privilege in the property, by purchase, lease, gift, condemnation, or any other legal means, for residential, commercial, or industrial development or redevelopment, including, but not limited to, the comprehensive renovation or rehabilitation thereof;

To develop or redevelop, including, but not limited to, the comprehensive renovation or rehabilitation of any land or property acquired by any of the methods provided in Subsection (a) of this Section; and

To sell, lease, convey, transfer, or otherwise dispose of any of the land or property, regardless of whether or not it has been developed, redeveloped, altered, or improved and irrespective of the manner or means in or by which it may have been acquired, to any private, public, or quasi-public corporation, partnership, association, person, or other legal entity for residential, commercial, or industrial development or redevelopment, including, but not limited to, the comprehensive renovation or rehabilitation thereof.

Passes local laws providing and constituting the terms of the charter for the Redevelopment Authority; and

Files the charter with:

Amend the Redevelopment Authority's charter through local law if the amendments are filed with the Department of Assessments and Taxation, the Department of Legislative Reference, and the Secretary of State;

Change the structure, organization, program, powers, or activity of the Redevelopment Authority unless the change would impair the Redevelopment Authority's obligations under a contract or agreement the Redevelopment Authority entered into before the change; and

Terminate the Redevelopment Authority unless the termination would impair the Redevelopment Authority's obligations under a contract or agreement the Redevelopment Authority entered into before the termination.

Has been appointed by the appropriate authority designated by local law; and

Has taken the oath of office.

Acquire, purchase, or otherwise obtain, hold, and use any property, real, personal, or mixed, tangible or intangible, or any interest therein;

Lease as lessee any property, real, personal, or mixed, tangible or intangible, or any interest therein;

Lease as lessor any property, real, personal, or mixed, tangible or intangible, or any interest therein, at any time acquired by the Redevelopment Authority;

Mortgage or otherwise pledge or encumber any property, real, personal, or mixed, tangible or intangible, or any interest therein, of the Redevelopment Authority; and

Sell, transfer, or convey any property, real, personal, or mixed, tangible or intangible, or any interest therein, acquired by the Redevelopment Authority at any time.

Shall not constitute a debt of the County or a pledge of the faith and credit of the County, of the State, or of any political subdivision of the State;

Shall not be considered obligations of the County for purposes of any debt limitation imposed on the County under any constitutional, statutory, or Charter provision; and

Shall be approved by the governing body of the County prior to their issuance.

The bonds, the borrowing which they represent, and the undertaking which is being financed or refinanced, are not subject to any referendum requirements of the Charter of the County.

The proceeds of loans, grants, or contributions from the United States of America, or the State of Maryland, or any department or agency thereof, or from any funds of the County that may be lawfully available therefor, or any other source, and compensation paid from appropriated funds by the County for land or property retained by it; or

Any contract or agreement or rights thereunder between the United States of America, or the State of Maryland, or any department or agency thereof, or any other public or private entity or individual, and the Redevelopment Authority with respect to any undertakings for the accomplishment of the purposes and objectives mentioned in or contemplated by the provisions of this Subtitle.

Payment of the bonds, as to principal, interest, and redemption premium, may be further secured by a mortgage of all or any part of land, property, or development or redevelopment projects, title to which is in the Redevelopment Authority or any other public or private entity or individual, as determined in accordance with local law.

The guarantee of the County by and upon the full faith and credit of the County concerning the payment of the principal of, or interest or redemption premium on, any bonds is subject to any applicable referendum requirements of the Charter of the County.

Revenues pledged by the Redevelopment Authority are subject immediately to the lien of the pledge without any physical delivery or further act.

The lien of any pledge is valid and binding against any person having any claim of any kind in tort, contract, or otherwise against the Redevelopment Authority, whether or not the person has notice of the lien.

Notwithstanding any provision of public general or public local law, perfection against third parties of a lien of a pledge by the Redevelopment Authority of its revenues does not require the filing or recording of a resolution, trust agreement, financing statement, continuation, or other statement or instrument adopted or entered into by the Redevelopment Authority in any public record other than the records of the Redevelopment Authority.

Unless the bonds are guaranteed by and upon the full faith and credit of the County and are approved in a referendum by the voters of the County in accordance with Subsection (e) of this Section, the Redevelopment Authority may not issue bonds under this Section until after the Redevelopment Authority has held a public hearing in the County on the proposed bonds.

The Redevelopment Authority shall notify the Prince George's County Delegations of the Maryland House of Delegates and the Senate of Maryland of a proposed issuance of bonds at least two weeks before holding the public hearing required under this Subsection.

Assign, pledge, grant, contribute, or provide to the Redevelopment Authority any taxes, rates, rentals, fees, charges, or other funds held or receivable by the County for any purpose, and assign, pledge, lease, or otherwise convey to the Redevelopment Authority, or encumber any land or property owned or otherwise held by the County, including as additional security for any bonds of the Redevelopment Authority; and

(A) Advance amounts to the Redevelopment Authority for any purpose, including payment of preliminary expenditures relating to any undertakings of the Redevelopment Authority or for deficiencies in debt service requirements; and

Receive and apply to its corporate purposes and undertakings any grants, contributions, pledges, loans, or other amounts from the State, the County, the Federal Government, any other governmental unit, or any public or private entity or party; and

To the extent not inconsistent with any contract, instrument, or law relating to a grant, contribution, pledge, loan, or other amount, pledge the receipts as security for any of its bonds.