notwithstanding the filing of the petition, but it shall be repealed thirty days after
having been rejected by a majority of the registered voters voting thereon.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 1999.

Approved May 27, 1999.

CHAPTER 643
(House Bill 559)

AN ACT concerning

Baltimore City - Property Tax - Exemption for New Construction of
Commercial and Multifamily Residential Property Economic Development

Projects

FOR the purpose of providing for a certain exemption from county property tax for
certain newly constructed commercial and multifamily residential property
economic development projects located in certain urban renewal areas in certain
parts of Baltimore City; providing a certain tax exemption for certain existing
commercial property; setting forth certain requirements in order to qualify for
the property tax exemption; defining a certain term terms; requiring a certain
report; stating the intent of the General Assembly; making this Act an emergency
measure; and generally relating to a property tax exemption for certain property
located in Baltimore City.

BY adding to

Article - Tax - Property
Section 7-504.3 and 7-504.4
Annotated Code of Maryland

(1994 Replacement Volume and 1998 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Tax - Property

7-504.3.

(A) (1) IN THIS SECTION, THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.

(2) "ECONOMIC DEVELOPMENT PROJECT" MEANS A REAL ESTATE
DEVELOPMENT PROJECT CONSISTING FOR WHICH A PAYMENT IN LIEU OF TAXES
AGREEMENT WAS ENTERED INTO PRIOR TO JUNE 30, 1999, IN ACCORDANCE WITH §
7-504.1 OF THIS SUBTITLE OR THAT CONSISTS OF NEWLY CONSTRUCTED OR
REHABILITATED COMMERCIAL OR MULTIFAMILY RESIDENTIAL PROPERTY THAT IF
THE REAL ESTATE DEVELOPMENT PROJECT: