(2) (II) CHARLES CENTER;

(3) (III) FINANCIAL DISTRICT;

(4)  (IV) HARBOR CAMPUS;

(5) (V) INNER HARBOR EAST;

(6)  (VI) INNER HARBOR PROJECT PROJECT 1;

(7) INNER HARBOR PROJECT I A;

(8) (VII) INNER HARBOR WEST;

(9) (VIII) MARKET CENTER;

(10) (IX) MARKET CENTER WEST; AND

(11) (X) MUNICIPAL CENTER; AND

(XI) KEY HIGHWAY.

(B) REAL PROPERTY THAT IS NEWLY CONSTRUCTED COMMERCIAL OR
MULTIFAMILY RESIDENTIAL PROPERTY FOR WHICH A CERTIFICATE OF OCCUPANCY
IS OR WILL BE ISSUED ON OR AFTER JANUARY 1, 1000, IS EXEMPT FROM BALTIMORE
CITY PROPERTY TAX IF:

(1) THE REAL PROPERTY IS LOCATED IN AN URBAN RENEWAL AREA;

(2) THE REAL PROPERTY IS OWNED BY A PERSON OR ENTITY WHO,
ALONE OR IN CONCERT WITH OTHERS:

(I) IS ENCAGED IN CONSTRUCTING AND OPERATING, ON ONE OR
MORE PARCELS OF THE REAL PROPERTY, A PROJECT PRIMARILY USED, INCLUDING
RELATED FACILITIES, AS:

1. A HOTEL;

2.  AN OFFICE BUILDING;

3.  A RETAIL FACILITY;

4. A MULTIFAMILY RESIDENTIAL STRUCTURE; OR

5. A PARKING FACILITY;

(II) INVESTS A MINIMUM OF $10,000,000 OF PRIVATE CAPITAL IN
THE DEVELOPMENT; AND

(III) DEMONSTRATES TO THE SATISFACTION OF THE BOARD OF
ESTIMATES OF BALTIMORE CITY;

1. THE FINANCIAL NECESSITY FOR AN EXEMPTION AS
AUTHORIZED BY THIS SECTION; AND