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The Mayor and Council unanimously approved a proposed $1.8 million contribution toward Rockville Housing Enterprises’ acquisition of the Scarborough apartments and townhomes: $600,000 as a grant and $1.2 million as a zero-interest loan payable at the end. Staff must also return with a payment-in-lieu-of-taxes agreement for the property.
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The action supports the acquisition of the Scarborough apartment and townhome community through a combination of grant funding and a deferred, interest-free loan. The council did not approve the final payment-in-lieu-of-taxes agreement at this meeting; it directed staff to prepare one for future consideration. The council also agreed to extend Rockville Town Square’s interim management agreement for six months.
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