303                                     LAWS OF MARYLAND                              Ch. 144

hereby repealed and reenacted, with amendments, to read
as follows:

Article 31 — Revenue and Taxes

9.

(o) Urban renewal property in Baltimore City.
—Real property located in urban renewal areas acquired
and disposed of by the mayor and city council of
Baltimore pursuant to Article II(15) of the Baltimore
City charter (1964 revision) owned by any person, firm or
corporation engaged in the construction and operation of
housing structures or projects substantially constructed
or rehabilitated after July 1, 1973, where such
structures and facilities are governmentally controlled
as to rents, charges, rate of return and/or methods of
operation so as to operate on a nonprofit or limited
distribution basis may be subject to exemption from
Baltimore City taxes upon the entry of the board of
estimates of Baltimore City and the eligible person, firm
or corporation into an agreement for the payment of a
negotiated sum or sums in lieu of all Baltimore City
taxes upon such property. Any structure or project as
aforesaid may contain nondwelling commercial and
community facilities including but not limited to dining
halls, community rooms, infirmaries and other service
facilities to serve its occupants and the surrounding
neighborhood) without affecting the power of the board of
estimates of Baltimore City to approve the exemption
above mentioned, provided the structure or project
remains predominantly residential.

The properties to which this subsection (o) applies
are those in APPROVED urban renewal projects [approved as
of July 1, 1973], except that this subsection does not
apply to properties in the Madison Park North, Madison
Park South, and Mount Vernon projects.

[This subsection applies only to agreements entered
into prior to July 1, 1976.]

[[In 1974, 1975, and 1976 the]] THE effect and
operation of agreements entered into under this
subsection during the prior year shall be reported
ANNUALLY to the General Assembly of Maryland BY FEBRUARY
1 OF THE NEXT YEAR.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1976.

Approved April 13, 1976.

CHAPTER 145