Tuesday, February 02, 2010

Rumor Mill: Potomac Yard Metro Funding Gap Nearly Closed

YET ANOTHER UPDATE: We just got this e-mail about a Thursday meeting:
The final meeting of the Potomac Yard Planning Advisory Group (PYPAG) is scheduled for this Thursday, February 4th, at 7:00 p.m. in Room 1101 (Sister Cities) at City Hall. Tentative agenda items include a discussion of staff and developer resolutions to PYPAG issues, community comments, and final comments from PYPAG members.
Will this include information about the Metro funding gap? Let's hope so. If you have an opinion to voice on it, this is the place to do so.

ORIGINAL UPDATE: The City Council/Planning Commission "Work Session" scheduled for Tuesday, February 9th at 5:30 pm was tentatively rescheduled for February 23rd at 5:30pm in the City Hall Council Work Room (pending City Council ratification of new date).

For those who remember, the in-fill Metro station faced a $32 Million funding gap that would have forced the city to either pony up or give up... or get someone else to pony up. With the current budget difficulties and fears about paralyzing the City's borrowing capabilities by maxing out its credit sources, that $32 Million was a deal breaker.

It would seem that, less than a week before the Potomac Yard Plan was supposed to go before the Planning Commission, the developer is willing to come to the rescue. As you can see from next month's Planning Commission docket, the Potomac Yard Plan is not going to be discussed, after all. Probably to give everyone more time to close the gap. Who knows what horse-trading might be going on behind the scenes to make this Metro station happen, but short of selling a proverbial kidney, I say go for it. In fact, there's a joint City Council/Planning Commission "Work Session" scheduled for Tuesday, February 9th 23rd at 5:30 pm. The rumor around town is that there might be a proposal that has closed the gap.

Keep your ears to the ground and post anything you have heard, read, or just want to speculate on in the comments!

Metro Map Image Credit: GGW


Pop Daddy said...

*Crosses fingers* This would be great news for those who have just invested in that area, as well as long time residents.

martindelaware said...

Your title and article correctly refer to Potomac Yard but the illustration shows a station called "Potomac Yards".

Four Mile Run Market said...

@Justin: The image has been fixed. If anyone can ever find us a photo of the Potomac Yard metro pylon that was created for an event several years ago, we'd go with that instead.

Froggie said...

Was at the meeting tonight...a tentative agreement with the developer to front the $32 million, but not finalized yet. Will post a bit more about the meeting on my own blog...

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