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SS/redevel.pr 96-70 Contact: David Weaver, 301-217-6530
Bill Mooney, 301-565-7300
DUNCAN ANNOUNCES HE WILL
SUPPORT GOING FORWARD WITH
"AMERICAN DREAM" PROPOSAL For Immediate Release: Feb. 27, 1996
Montgomery County Executive Douglas M. Duncan announced today that he
will support going forward with the proposed "American Dream: A Town Center
for Silver Spring" project and that he hopes to have a development agreement
completed between the County and the developer, the Triple Five Group, by mid
to late March.
"Based most heavily on the recommendation of the Silver Spring
Redevelopment Advisory Board," Duncan said, "but also on the hundreds of
letters I received -- both for and against the project -- as well as the
recommendations of various civic, business, minority, religious and other
groups, I have made a decision today to proceed with negotiations and to
announce that Triple Five is the County's selected developer for the Silver
Spring urban renewal project.
"Silver Spring has been waiting more than 10 years for revitalization,"
added Duncan. "Now, after six months of intensive review on this project .
it is time to move forward."
Last week, the Silver Spring Redevelopment Advisory Board -- a 47-member
group consisting of Silver Spring residents and local community and business
leaders -- voted, by a more than 10-to-one margin (41 in favor, 4 against and
2 abstentions), in support of the following resolution: "The Board recommends
- more -
DUNCAN ANNOUNCES SUPPORT FOR AMERICAN DREAM PROJECT 2-2-2
that the County proceed with negotiations with Triple Five and incorporate
into any agreement the recommendations contained (in the Board's final
report)."
In announcing his decision, Duncan thanked the advisory board for the
"thorough and thoughtful" review process it conducted over the last six
months. "This was an extraordinary effort and an extraordinary group, one
which I believe was very representative of the views of the Silver Spring
community."
Duncan said he is directing the County's negotiating team to incorporate
the advisory board's recommendations into the development agreement and that
the board's final report be used as a blueprint for discussions. "Among these
recommendations," Duncan noted, "is the call for appropriate milestones to
assure that the project is implemented in a timely fashion."
While Duncan said it is premature to determine how the American Dream
project would be funded, Duncan reemphasized his previous position. "I have
always insisted that the financing structure of this public-private
partnership be based on maximizing private sector support and minimizing the
risk of public investment. The private sector must be willing to support this
project and not rely on an excessive infusion of public dollars."
If the American Dream project is to be developed, it would require
development review and approval by the Montgomery County Planning Board and
the County Council. In addition, the County Council must approve all matters
related to the financing of the project, including any needed appropriations
of County funding.
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