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Ch. 578 2007 Laws of Maryland
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REVENUES, OPERATING EXPENSES, DEBT SERVICE, TAXES, CAPITAL
EXPENDITURES, AND ANY OTHER CASH OUTLAYS;
(III) THE PROJECTED RETURN ON INVESTMENT FOR THE
OWNER; AND
(IV) THE AMOUNT OF POTENTIAL REVENUE THAT MAY BE
LOST THROUGH THE PROVISION OF AFFORDABLE HOUSING; AND
(3) THE OWNER OR OWNERS OF THE QUALIFYING DEVELOPMENT
AND THE BALTIMORE CITY BOARD OF ESTIMATES ENTER INTO AN AGREEMENT
THAT:
(I) PROVIDES THAT THE OWNER OR OWNERS OF THE
QUALIFYING DEVELOPMENT SHALL PAY TO BALTIMORE CITY A NEGOTIATED
AMOUNT IN LIEU OF THE PAYMENT OF CITY REAL PROPERTY TAXES;
(II) SPECIFIES AN AMOUNT THAT THE OWNER OR OWNERS
SHALL PAY TO BALTIMORE CITY EACH YEAR IN LIEU OF THE PAYMENT OF CITY
REAL PROPERTY TAXES DURING THE TERM OF THE AGREEMENT THAT IS NOT
LESS THAN 75% OF THE ANNUAL PROPERTY TAXES THAT WOULD OTHERWISE BE
DUE TO THE CITY FOR THE QUALIFYING DEVELOPMENT IN THE INITIAL YEAR OF
THE AGREEMENT; AND
(III) IS LIMITED TO A TERM OF NOT MORE THAN 10 YEARS.
(C) AT THE COMPLETION OF THE TERM OF THE AGREEMENT, THE
QUALIFYING DEVELOPMENT MAY SEEK TO RENEW THE AGREEMENT FOR
ADDITIONAL TERMS BUT SUBSEQUENT TERMS SHALL EACH BE LIMITED TO A
TERM OF NOT MORE THAN 10 YEARS.
(D) THE BALTIMORE CITY BOARD OF ESTIMATES MAY NOT ENTER INTO
AN AGREEMENT FOR PAYMENT OF A NEGOTIATED AMOUNT IN LIEU OF TAXES
UNDER THIS SECTION IF THE AGREEMENT WOULD CAUSE THE TOTAL
REDUCTION IN PROPERTY TAX REVENUES FROM ALL AGREEMENTS ENTERED
INTO UNDER THIS SECTION TO EXCEED $2,000,000 IN ANY TAXABLE YEAR.
(E) THE MAYOR AND CITY COUNCIL OF BALTIMORE CITY MAY
PROVIDE BY LAW, FOR:
(1) THE CRITERIA TO BE MET FOR A PROJECT TO BE CONSIDERED
A REDEVELOPMENT PROJECT FOR PURPOSES OF THIS SECTION;
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