(a)(1) The governing body of Cecil County may enter into an agreement with the owner of a facility for the generation of electricity that locates in Cecil County for a negotiated payment by the owner in lieu of taxes on the facility.
(2)An agreement for a negotiated payment in lieu of taxes under this section shall provide that, for the term specified in the agreement:
(i)the owner shall pay to Cecil County a specified amount each year in lieu of the payment of Cecil County property tax; and
(ii)all or a specified part of the real and personal property at the facility shall be exempt from Cecil County property tax for the term of the agreement.
(b)As specified in an agreement for a negotiated payment in lieu of taxes under this
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(a) (1) The governing body of Cecil County may enter into an agreement with the owner of a facility for the generation of electricity that locates in Cecil County for a negotiated payment by the owner in lieu of taxes on the facility.
(2) An agreement for a negotiated payment in lieu of taxes under this section shall provide that, for the term specified in the agreement:
(i) the owner shall pay to Cecil County a specified amount each year in lieu of the payment of Cecil County property tax; and
(ii) all or a specified part of the real and personal property at the facility shall be exempt from Cecil County property tax for the term of the agreement.
(b) As specified in an agreement for a negotiated payment in lieu of taxes under this section, for the term specified in the agreement, the real and personal property at a facility for the generation of electricity that locates in Cecil County is exempt from Cecil County property tax.
(c) Notwithstanding subsections (a) and (b) of this section, the assessment of any property exempted under this section shall be included in the assessable base of Cecil County for the purpose of computing any State aid to education under § 5-202 of the Education Article or other payments of State aid to the county that by law are based on the assessment of property.