Prince George's County, Maryland, has been chosen to receive the 2016 Council for Development Finance Agencies (CDFA) Excellence in Development Finance Project Award for its Suitland-Naylor transaction—a $28 million bond issue that will be used to buy land, build infrastructure, and spur development in a blighted section of the County. It was chosen by the CDFA in the revitalization category from more than 100 projects submitted nationwide.

The transaction is unique because, unlike most tax increment financings (TIFs)—which rely on the growth in tax revenues from specific new development—the proceeds of this issue will be used for the acquisition of unspecified property and repayment of the bonds will come from expected growth in a broader, 1,800 acre section of the County. Also unlike most TIF issues—which have a set repayment schedule—the timing of principal payments on this issue is based on the availability of revenues in all years except on final maturity dates.

Ballard Spahr represented the Revenue Authority of Prince George's County as bond counsel and Stifel served as underwriter for the Suitland-Naylor transaction.

"It is particularly gratifying to be part of an effort that will transform a community. It was a pleasure, as always, to work with our friends in the County and at Stifel to make this happen and we’re all excited to watch it take shape," said Joseph A. Fanone, a Ballard Spahr Public Finance Partner who led the legal team alongside P. Andrew Spicknall and Linda B. Schakel.

The project will be highlighted and its details analyzed at the National Development Finance Summit in New Orleans on November 4th in a panel called Models for Successful District Financing.

"This project is a game changer," said Prince George's County Executive Rushern L. Baker, III. "It will bring jobs to people throughout the area, rejuvenate a neighborhood that has suffered so much in recent years, and provide an opportunity for people to work together to make meaningful, positive change."

"I’m proud to see Suitland-Naylor get national recognition and even prouder for what it will mean for the County and the people who live and work there," said Nathan Betnun, Managing Director with Stifel's Public Finance Group.