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Ch. 578
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Martin O'Malley, Governor
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2. HAS A COMBINED PRIVATE CAPITAL INVESTMENT
OF EQUITY AND DEBT OF AT LEAST $10,000,000;
3. SETS ASIDE AT LEAST 10% OF THE
DEVELOPMENT'S TOTAL UNITS TO BE RENTED AT AN AFFORDABLE RENT TO A
HOUSEHOLD EARNING NOT MORE THAN 60% OF THE AREA MEDIAN INCOME;
4. HAS NOT OBTAINED SITE PLAN APPROVAL ON OR
BEFORE JUNE 30, 2007; AND
5. SATISFIES ADDITIONAL REQUIREMENTS AS
DETERMINED BY THE MAYOR AND CITY COUNCIL OF BALTIMORE CITY.
(5) "SITE PLAN APPROVAL" MEANS APPROVAL FROM THE
BALTIMORE CITY PLANNING COMMISSION OF THE LAND DEVELOPMENT
PROPOSAL OF A QUALIFIED DEVELOPMENT TO ENSURE ITS CONSISTENCY WITH
LAND DEVELOPMENT POLICIES AND REGULATIONS AND ACCEPTED LAND
DESIGN PRACTICES.
(B) A REDEVELOPMENT PROJECT OR NEW RESIDENTIAL RENTAL
DEVELOPMENT PROJECT IS EXEMPT OR PARTIALLY EXEMPT FROM BALTIMORE
CITY REAL PROPERTY TAXES IF:
(1) THE MAYOR AND CITY COUNCIL OF BALTIMORE CITY
DETERMINE THAT THE PROJECT:
(I) IS A QUALIFYING DEVELOPMENT MEETING THE
REQUIREMENTS OF THIS SECTION; AND
(II) MEETS THE REQUIREMENT OF ANY OTHER RELEVANT
ANALYSIS;
(2) THE OWNER OR OWNERS OF THE QUALIFYING DEVELOPMENT
SATISFY A FINANCIAL REVIEW ADMINISTERED BY THE MAYOR AND CITY
COUNCIL OF BALTIMORE CITY THAT PROVIDES:
(I) A DETAILED DESCRIPTION OF THE PROJECT AND THE
DEVELOPMENT BUDGET FOR THE PROJECT, INCLUDING THE IDENTIFICATION
OF ALL SOURCES OF DEBT AND EQUITY FINANCING;
(II) A MULTIYEAR PRO FORMA CASH FLOW ANALYSIS OF THE
PROJECT DETAILING ALL INCOMING AND OUTGOING CASH FLOW INCLUDING
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- 3763 -
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