Ch. 405

2004 LAWS OF MARYLAND

[(4)] (6) (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)] (7) "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)] (8) "Development" includes new development, redevelopment,
revitalization, and renovation.

[(7)] (9) "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)] (10) "Development district" means an area or areas within the City
of Baltimore designated by an ordinance of the Mayor and City Council of Baltimore.

(11) "DISTRESSED PROPERTY' HAS THE MEANING STATED IN § 21-17(A) OF
THE PUBLIC LOCAL LAWS OF BALTIMORE CITY.

[(9)] (12) "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)] (13) "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)] (14) "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;

(ii) the original assessable base; or

(iii) if an adjusted assessable base applies, then the "original
taxable value" is the adjusted assessable base.

[(12)] (15) "Supervisor of Assessments" means the Supervisor of
Assessments for Baltimore City.

- 1470 -