§ 47-4618 — Eckington One Residential Project tax exemptions.

District of Columbia § 47-4618

• Jurisdiction: District of Columbia
• Title 47: Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title]
• Ch. 46: Special Tax Incentives.

Text

(a) For the purposes of this section, the term:

(1) “Developer” means NoMa West Residential I, LLC, its successors, affiliates, and assigns.

(2) “Eckington One Residential Project” means the acquisition, development, construction, installation, and equipping, including the financing, refinancing, or reimbursing of costs incurred, of the mixed-use, multi-family residential and ground-floor retail project located on the Eckington One Residential Property, consisting of:

(A) Approximately 600 units of residential condominium/apartment house use totaling approximately 560,000 square feet of floor area and housed in 3 buildings, including approximately 48 units of affordable housing;

(B) Approximately 1,000 square feet of ground-floor retail space;

(C) Below-grade parking garages; and

(D) Other ancillary improvements, including extension of Q Street, N.E., from Eckington Place to Harry Thomas Way.

(3) “Eckington One Residential Property” means the real property, including any improvements constructed thereon, located in Lots 816, 817, 818, 819, and 820, Square 3576 (or as the land for such lots may be subdivided into a record lot or lots or assessment and taxation lots, condominium lots, air rights lots, or any combination in the future).

(1) The tax imposed by Chapter 8 of this title on the Eckington One Residential Property shall be abated as follows:

(A) In tax year 2010, taxes in excess of 107% of the taxes paid for tax year 2009;

(B) In tax year 2011, taxes in excess of 113.96% of the taxes paid for tax year 2009; and

(C) In tax year 2012 and each year thereafter, taxes in excess of 121.25% of the taxes paid for tax year 2009.

(2) The real property tax abatement granted by paragraph (1) of this subsection shall only apply for the 10 consecutive real property tax years beginning in the tax year in which the developer begins development on the Eckington One Residential Property. The developer shall notify the Director of the Real Property Tax Administration of the Office of Tax and Revenue by certified mail that development has started within 30 days of the commencement of development.

(3) The real property tax abatements granted by paragraphs (1) and (2) of this subsection shall not exceed, in the aggregate, $5 million, plus 6% per year of the unused amount of the real property tax abatement from the commencement of development.

(c) The abatement pursuant to subsection (b) of this section shall be in addition to, and not in lieu of, any other tax relief or assistance from any other source applicable to the Eckington One Residential Project or the Eckington One Residential Property.

(d) This section shall not:

(1) Prevent or restrict the developer from utilizing any other tax, development, or other economic incentives available to the Eckington One Residential Project or the Eckington One Residential Property; or

(2) Limit the owner of the Eckington One Residential Property from appealing or contesting its real estate tax assessment.

Legislative History

Mar. 25, 2009, D.C. Law 17-348, § 2, 56 DCR 971; Sept. 26, 2012, D.C. Law 19-171, § 125, 59 DCR 6190