anchor Description
The project is a part of the redevelopment of the historic property known as the Farm Women's Market which will include Lot and Lot This redevelopment will renovate the existing Farm Women's Market and include the construction of new homes, retail space, outdoor park space, and an underground parking garage. The Parking Lot District will purchase the garage from the developer with milestone payments made during construction of the garage.
anchorEstimated Schedule
Depending on the development approval process, the current proposed plan has preliminary design completion in with a construction completion in
anchorCost Change
Project cost updated to reflect the removal of intergovernmental funding.
anchor Justification
The Farm Women's market and the area adjacent (including Lot and Lot have been underutilized and the redevelopment would reposition the market and the surrounding areas as a 'destination' for visitors. It would also provide needed housing and green space to be used by the community. The purchase of the underground parking garage would allow the PLD the ability to provide adequate spaces for visitors and residents to use in this newly developed area.
anchorFiscal Note
In addition to the developer and Town of Chevy Chase (TOCC), DOT is coordinating with M-NCPPC for redevelopment of Lots and which will result in an underground parking garage and outdoor space. The following funding plan is contingent upon executed agreements with the developer and TOCC as well as Council approval of related property disposition actions. The underlying expenditure schedule assumes the County purchases the underground garage from the developer. The total purchase price for the DOT portion of the project is estimated to be million. The expenditure schedule reflects the balance of the purchase price after the cost contributions from the fair market value of the density of Lot and in the amount of million as well as cost contributions from the developer of The County Executive exempts the Housing Fund Initiative Fund contribution based on Section of the County Code. The purchase of the underground public parking garage using the sales proceeds from Lots and meets the waiver criteria under Section of the County Code because the sales proceeds from Lots and will be used for a related purchase of real property - replacement parking for the parking lost on Lots and supplemental in G.O. Bonds for the amount of Project cost updated to reflect the removal of intergovernmental funding, instead contributions from the TOCC in the amount of will be paid directly to the Developer in support of this project. Additional appropriation will be requested once an agreement has been reached with the Developer.
anchorCoordination
Facility Planning Parking: Bethesda PLD, Maryland-National Capital Park and Planning Commission, Town of Chevy Chase.