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Ch. 318
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1088
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LAWS OF MARYLAND
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under that program so as to operate either on a nonprofit basis
or on a limited dividend distribution basis;
(3) [leased] LEASED real property and improvements in
Montgomery County used exclusively as a theatre by nonprofit
community theatrical organizations which have no paid officers,
directors or employees, other than clerical or maintenance
employees, if the payment to the lessor under the lease is
limited to interest, amortization of the mortgage, and the
lessor's out-of-pocket expenses, excluding profit or return to
the lessor on his investment in the land or improvements on it.
A theatre shall contain a minimum of 175 seats in order to
qualify for a tax credit under this section. Montgomery County
may require a qualifying community theatrical organization to pay
an annual charge for actual public services rendered;
(4) [the] THE county governing body as to county
taxation, and the governing body as to municipal taxation, may by
law allow a tax credit for tangible personal property used to
improve, replace, or maintain the roads, common areas, or other
common facilities owned by a nonprofit organization, association,
or foundation which was formed for the sole purpose of improving,
replacing, and maintaining the roads, common areas, or other
common facilities established under the town sector, planned
retirement community zone, or planned residential community zones
of the duly enacted county zoning ordinance where the common
facilities are dedicated for the use of all residents of the
development without payment of fees or admissions for their use;
(5) [for] FOR purposes of county taxation only, the
county government may, by law, provide for a credit against real
property taxes on property on which improvements are made to
existing structures within "neighborhood improvement plan areas",
so as to encourage housing and community redevelopment in these
areas, in accordance with the following schedule:
(i) For the first 4 taxable years in which the
improved property is subject to taxation, the credit shall be
determined by the governing body as a percentage of the actual
costs of the improvements;
(ii) Thereafter, a credit under this paragraph
is not allowed; and
(iii) In this paragraph, "neighborhood
improvement plan area" means a geographical area, as determined
by the county governing body, which, because of blighted or
deteriorated conditions, has been cited as a special target area
for residential, business, and community redevelopment; [and]
(6) [for] FOR purposes of county taxation only, the
county government may, by law, provide for a credit against real
property taxes on real property owned by Bannockburn Cooperators,
Inc., which is leased by Bannockburn Community Club, Inc. and
used exclusively for community, civic, educational and
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