WILLIAM DONALD SCHAEFER, Governor                            Ch. 624

THE PROPERTY WITHOUT REGARD TO ITS AGRICULTURAL USE ASSESSMENT AS OF
JANUARY 1 OF THAT YEAR PRECEDING THE EFFECTIVE DATE OF THE ORDINANCE
CREATING THE DEVELOPMENT DISTRICT UNDER SUBSECTION (D) OF THIS SECTION.

(3)      "ASSESSABLE BASE" MEANS THE TOTAL ASSESSABLE BASE OF ALL
REAL PROPERTY IN A DEVELOPMENT DISTRICT SUBJECT TO TAXATION AS
DETERMINED BY THE SUPERVISOR OF ASSESSMENTS.

(4)      (I) "ASSESSMENT RATIO" MEANS ANY REAL PROPERTY TAX
ASSESSMENT RATIO, HOWEVER DESIGNATED OR CALCULATED, WHICH IS USED OR
APPLIED UNDER APPLICABLE GENERAL LAW IN DETERMINING THE ASSESSABLE
BASE.

(II) "ASSESSMENT RATIO" INCLUDES THE ASSESSMENT
PERCENTAGE AS PROVIDED UNDER § 8-103(C) OF THE TAX - PROPERTY ARTICLE OF
THE ANNOTATED CODE OF MARYLAND, AS AMENDED, REPLACED, OR
SUPPLEMENTED FROM TIME TO TIME.

(5)      "BONDS" OR "BOND" MEANS ANY BONDS OR BOND, NOTES OR NOTE,
OR OTHER SIMILAR INSTRUMENTS OR INSTRUMENT ISSUED BY THE MAYOR AND
CITY COUNCIL OF BALTIMORE PURSUANT TO AND IN ACCORDANCE WITH THIS
SECTION.

(6)      "DEVELOPMENT"            INCLUDES            NEW            DEVELOPMENT,
REDEVELOPMENT, REVITALIZATION, AND RENOVATION.

(7)      "DEVELOPMENT AGREEMENT" MEANS AN AGREEMENT BETWEEN
THE MAYOR AND CITY COUNCIL OF BALTIMORE AND ANY PERSON INVOLVED IN OR
RESPONSIBLE FOR DEVELOPMENT OF PROPERTY WITHIN A DEVELOPMENT
DISTRICT PURSUANT TO WHICH SUCH PERSON SHALL AGREE TO PAY IN EACH YEAR
IN WHICH ANY BONDS ARE OUTSTANDING AN AMOUNT EQUAL TO ALL OR A
PORTION OF THE DEBT SERVICE ON BONDS ISSUED PURSUANT TO THIS SECTION TO
FINANCE OR REFINANCE DEVELOPMENT IN SUCH DEVELOPMENT DISTRICT.

(8)      "DEVELOPMENT DISTRICT" MEANS A CONTIGUOUS AREA WITHIN
THE CITY OF BALTIMORE DESIGNATED BY AN ORDINANCE OF THE MAYOR AND
CITY COUNCIL OF BALTIMORE.

(9)      "ORIGINAL ASSESSABLE BASE" MEANS THE ASSESSABLE BASE AS OF
JANUARY 1 OF THAT YEAR PRECEDING THE EFFECTIVE DATE OF THE ORDINANCE
CREATING THE DEVELOPMENT DISTRICT UNDER SUBSECTION (D) OF THIS SECTION.

(10)    "ORIGINAL FULL CASH VALUE" MEANS THE DOLLAR AMOUNT
WHICH IS DETERMINED BY DIVIDING THE ORIGINAL ASSESSABLE BASE BY THE
ASSESSMENT RATIO USED TO DETERMINE THE ORIGINAL ASSESSABLE BASE.

(11)    "ORIGINAL TAXABLE VALUE" MEANS FOR ANY TAX YEAR THE
DOLLAR AMOUNT THAT IS THE LESSER OF:

(I) THE PRODUCT OF THE ORIGINAL FULL CASH VALUE TIMES
THE ASSESSMENT RATIO APPLICABLE TO THAT TAX YEAR;

- 2829 -