3648

VETOES

(d) Such eligible displacees who decide to
rent a replacement facility—an amount equal to 50 percent
OF THE EXCESS of the actual base rental for the replacement
facility, or in the event the new facility is not comparable
to the facility from which the business was displaced, an
amount equal to 50 percent of the excess of the current
annual base rental for a comparable business facility,
whichever is the lesser, over the current annual calculated
base rental for the property from which the displacement
occurred computed for the term of the lease of the
replacement facility including any renewals thereof not to
exceed a five year period. Payments shall be made annually
conditioned upon the displacee continuing as a lessee. A
tenancy at will without the execution of any written lease
will be calculated as a one year lease.

(2) in the event the displacee rents the
business facility from which he is displaced, he shall be
entitled to a payment calculated as follows:

(a)  Such displacees who decide to
purchase, construct, or renovate a replacement facility—an
amount equal to 5 times 50 percent of the excess of either
the annual calculated base rental for the new business
facility or in the event the replacement facility is not
comparable to the facility from which the business was
displaced, the current annual calculated base rental for a
comparable business facility, whichever is the lesser, over
the annual base rental for the property from which
displacement occurred.

(b)  Such displacees who decide to rent a
replacement facility — an amount equal to 50 percent of the
excess of the annual base rental for the new business
facility or in the event the new facility is not comparable
to the facility from which the business was displaced, the
current annual base rental for a comparable business
facility, whichever is the lesser, over the base rental for
the property from which the displacement occurred calculated
on the term of the lease for the replacement facility or any
renewals thereof not to exceed a [five] five YEAR period.
PAYMENTS SHALL BE MADE ANNUALLY AND SHALL BE CONDITIONED
UPON THE DISPLACEE CONTINUING AS A LESSEE. A tenancy at
will without the execution of any written lease will be
calculated as a one year lease.

c.  The Department is authorized to promulgate such
rules and regulations as may be necessary to implement the
provisions of the foregoing section, provided that such
regulations are first approved by the Board of Estimates of
Baltimore City.

d.  Payment received under this section is not to be
considered as income for the purposes of the income tax