For the purposes of this subpart, the term:
- "Authorized Delegate" means the Deputy Mayor for Planning and Economic Development, the Chief Financial Officer, the Treasurer, or any officer or employee of the executive office of the Mayor to whom the Mayor has delegated any of the Mayor's functions under this subpart pursuant to § 1-204.22(6).
- "Available Increment" shall have the same meaning as set forth in the Reserve Agreement.
- "Available Real Property Tax Revenues" means the revenues resulting from the imposition of the tax provided for in Chapter 8 of Title 47, inclusive of any penalties and interest charges, exclusive of the special tax provided for in § 1-204.81 pledged to payment of general obligation indebtedness of the District.
- "Available Sales Tax Revenues" means the revenues resulting from the imposition of the tax under Chapter 20 of Title 47, including penalty and interest charges, exclusive of the portion thereof required to be deposited in the Washington Convention Center Fund established pursuant to § 10-1202.08.
- "Available Tax Increment" means the sum of the Available Sales Tax Revenues and Available Real Property Tax Revenues generated in the City Market at O Street TIF Area in any fiscal year of the District minus the sum of Available Sales Tax Revenues and Available Real Property Tax Revenues generated in the City Market at O Street TIF Area in the base year.
- "Bond Counsel" means a firm or firms of attorneys designated as bond counsel from time to time by the Mayor.
- "Bonds" means the District of Columbia revenue bonds, notes, or other obligations (including refunding bonds, notes, and other obligations), in one or more series, authorized to be issued pursuant to this subpart.
- "Chairman" means the Chairman of the Council of the District of Columbia.
- "Chief Financial Officer" means the Chief Financial Officer established by § 1-204.24(a)(1).
- "Closing Documents" means all documents and agreements, other than Financing Documents, that may be necessary and appropriate to issue, sell, and deliver the bonds, and includes agreements, certificates, letters, opinions, forms, receipts, and other similar instruments.
- "Council" means the Council of the District of Columbia.
- "Development Costs" has the same meaning as in § 2-1217.01(13).
- "Development Sponsor" means City Market, L.L.C., a District of Columbia limited liability company, or any other entity that undertakes the development of the project with the approval of the Mayor.
- "District" means the District of Columbia.
- "Financing Documents" means the documents, other than Closing Documents, that relate to the financing or refinancing of transactions to be effected through the issuance, sale, and delivery of the bonds, including any offering document, and any required supplements to any such documents.
- "Home Rule Act" means Chapter 2 of Title 1.
- "Project" means the financing, refinancing, or reimbursing of Development Costs incurred for the acquisition, construction, installing, and equipping of a mixed-use project consisting of retail, commercial, and residential space, and parking in Lots 829 and 830, Square 398.
- "Reserve Agreement" means that certain Reserve Agreement, dated as of April 1, 2002, by and among the District, Wells Fargo Bank Minnesota, N.A., and Financial Security Assurance, Inc.
- "TIF" means tax increment financing.
Historical and Statutory
Emergency Act Amendments
For temporary (90 day) additions, see §§ 2 to 15 of Historic Anacostia Project Great Streets Initiative Tax Increment Financing Emergency Act of 2009 (D.C. Act 18-149, July 28, 2009, 56 DCR 6327).
For temporary (90 day) additions, see §§ 2 to 15 of Georgia Avenue Retail Project Great Streets Initiative Tax Increment Financing Emergency Act of 2009 (D.C. Act 18-156, July 28, 2009, 56 DCR 6348).
Legislative History of Laws
Law 17-278, the "City Market at O Street Tax Increment Financing Act of 2008", was introduced in Council and assigned Bill No. 17-800 which was referred to the Committee on Financing and Revenue. The Bill was adopted on first and second readings on July 15, 2008, and September 16, 2008, respectively. Signed by the Mayor on October 3, 2008, it was assigned Act No. 17-533 and transmitted to both Houses of Congress for its review. D.C. Law 17-278 became effective on November 25, 2008.
DC CODE § 2-1217.33a
Current through December 11, 2012
(Nov. 25, 2008, D.C. Law 17-278, § 2, 55 DCR 11050.)