2. THE PUBLIC BENEFIT THAT THE PROJECT WILL PROVIDE,

INCLUDING:

A. THE ENCOURAGEMENT OF ECONOMIC DEVELOPMENT;

B. THE CREATION OF JOB OPPORTUNITIES; AND

C. THE GENERAL PROMOTION AND IMPROVEMENT OF
BALTIMORE CITY AND ITS FACILITIES;

(3) THE MAYOR AND CITY COUNCIL OF BALTIMORE HAVE AUTHORIZED
THE PROJECT BY A RESOLUTION STIPULATING THAT THE PROJECT WILL NOT
INVOLVE GAMBLING ACTIVITIES BEYOND THOSE GAMBLING ACTIVITIES ALLOWED
BY LAW AS OF JANUARY 1, 1998; AND

(4) THE OWNER OF THE REAL PROPERTY AND THE BALTIMORE CITY
BOARD OF ESTIMATES ENTER INTO A PAYMENT IN LIEU OF TAXES AGREEMENT
SPECIFYING ANY AMOUNT THAT THE OWNER SHALL PAY TO BALTIMORE CITY IN
LIEU OF THE PAYMENT OF BALTIMORE CITY PROPERTY TAXES.

(C) REAL PROPERTY DESCRIBED IN SUBSECTION (A) OF THIS SECTION IS
EXEMPT FROM BALTIMORE CITY PROPERTY TAX AS THE PARTIES AGREE UNDER
SUBSECTION (B) OF THIS SECTION.

(B) AN ECONOMIC DEVELOPMENT PROJECT IS EXEMPT OR PARTIALLY
EXEMPT FROM BALTIMORE CITY REAL PROPERTY TAX IF:

(1) THE OWNER OR OWNERS OF THE ECONOMIC DEVELOPMENT
PROJECT DEMONSTRATE TO THE SATISFACTION OF THE BOARD OF ESTIMATES OF
BALTIMORE CITY:

(I) THAT THE CITY OF BALTIMORE OR ITS DESIGNATED AGENCY
HAS CONDUCTED AN ECONOMIC ANALYSIS OF THE PROJECT INCLUDING:

1. A DETAILED DESCRIPTION OF THE PROJECT AND THE
DEVELOPMENT BUDGET INCLUDING THE IDENTIFICATION OF ALL SOURCES OF
DEBT AND EQUITY FINANCING;

2. A MULTI-YEAR MULTIYEAR CASH FLOW PROFORMA OF
THE PROJECT DETAILING ALL INCOMING AND OUTGOING CASH FLOW INCLUDING
REVENUES. OPERATING EXPENSES, DEBT SERVICE, TAXES. CAPITAL EXPENDITURES
AND ANY OTHER CASH OUTLAYS;

3. THE PROJECTED RETURN ON INVESTMENT FOR THE

OWNER;

4. A DETERMINATION THAT THE PROJECT IS AN ECONOMIC
DEVELOPMENT PROJECT MEETING THE REQUIREMENTS OF THIS SECTION; AND

5. ANY OTHER RELEVANT ANALYSIS;

(II) THE PUBLIC BENEFIT THAT THE PROJECT WILL PROVIDE.

INCLUDING: