CALGARY, Alberta--(BUSINESS WIRE)--Walton Westphalia Development Corporation (the “Corporation”) announced today that Prince George’s County Maryland issued $39,755,000 of its tax increment financing (TIF) bonds for public infrastructure projects in and around Westphalia Town Center. The bond sale proceeds are immediately available for the developer to design and construct Presidential Parkway, and complete the design and upgrade the intersection of MD-4 and MD-223. These improvements are expected to unlock the potential of Westphalia Town Center, relieve existing traffic problems, and spur economic development in this part of the County.
The Corporation’s president, CEO, and chairman Bill Doherty said, “This investment in Westphalia by the County and the TIF bond holders will allow us to move forward with best-in-class builders, and retail and development partners”. Mr. Doherty added, “While there has been strong builder and end user interest in the Phase 1 town home lots and retail land, the success of future commercial phases depends on upgraded public infrastructure. We appreciate the partnership and teamwork of Prince George’s County and the entire finance team for their confidence in us and in the project.”
Currently the Corporation is delivering residential townhome lots to three homebuilders, recruiting retail tenants, and evaluating offers from multiple partners for various uses in future phases of the Corporation’s project in Prince George’s County, Maryland.
The Corporation is managed by Walton Global Investment Ltd. and the development of the Project is managed by Walton Development & Management (USA), Inc., both of which are members of the Walton Group of Companies.
The Walton Group of Companies (“Walton”) is a multinational real estate investment, planning, and development group concentrating on the research, acquisition, administration, planning and development of strategically located land in major North American growth corridors. Walton’s communities are comprehensively designed in collaboration with local residents for the benefit of community stakeholders. Its goal is to build communities that will stand the test of time: hometowns for present and future generations.
This news release, required by Canadian laws, does not constitute an offer of securities, and is not for distribution or dissemination outside Canada. This news release contains forward looking information, and actual future results may differ from what is disclosed in this news release. Forward-looking information is based on the current expectations, estimates and projections of the Corporation at the time the statements are made. They involve a number of known and unknown risks and uncertainties which would cause actual results or events to differ materially from those presently anticipated. The risks, uncertainties and other factors that could cause the Corporation's actual results and performance in future periods to differ materially from the forward looking information contained in this news release include, among other things, renegotiation of loans, refinancing or extension of existing loans, the amount and timing of the financing received, the amount of, timing and terms of any tax increment financing that has been received or may be received by the Corporation, the length of time it takes to develop and sell the Project, the ability of the Corporation to enter into joint ventures relating to, or to otherwise, vertically develop portions of the Project, the ability and length of time it takes to design and begin construction of the Presidential Parkway and the benefits thereof, the ability and length of time it takes to design and upgrade the intersection of MD-4 and MD-223 and the benefits thereof, the availability and terms of other construction financing required by the Corporation, the costs involved in the horizontal and/or vertical development of the Project, the prices at which the serviced lots and parcels from, or vertically developed structures on, the Project can be sold, the rate at which serviced lots and parcels from, or vertically developed structures on, the Project are purchased in the marketplace, general economic and market factors, including interest rates, a decline in the real estate market, changes in government policies and regulations or in tax laws, changes in municipal planning strategies and whether certain development approvals are obtained and changes in the Canadian/U.S. dollar exchange rate, in addition to those factors discussed or referenced in the prospectus and other documents filed with Canadian securities regulatory authorities and available online at www.sedar.com.