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District of Columbia Code Division I. Government of District. § 2-1217.36g. Creation of the Union Market TIF Area.

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) There is created a TIF area designated as the Union Market TIF Area. The Union Market TIF Area is defined as the real property located in Lots 0001, 0002, and 0003 in Square 3594; Lots 0003, 0007, 0808, 0823, 0824, 0825, 0826, 0828, 0829, 0830, 0831, 0832, 7006, 7007, 7008, 7009, 7010, 7011, 7012, 7013, 7014, 7015, 7016, 7017, 7018, 7019, 7020, 7021, 7022, and 7023 in Square 3587; Lots 0004, 0015, 0016, 0017, 0018, 0019, 0020, 0021, 0022, 0025, 0801, 0802, and 0803 in Square 3588; Lots 0003, 0008, 0009, 0029, 0030, 0031, 0032, 0033, 0034, 0035, 0036, 0049, 0050, 0051, 0052, 0053, 0804, 0805, 0806, and 0808, in Square 3589; Lots 0001, 0002, 0003, 0004, 0005, 0006, 0010, 0011, 0013, 0014, 0800, 0801, and 0802 in Square 3590; Lots 0002, 0003, 0004 and 0800 in Square 3591; Lots 0001, 0002, 0006, 0007, 0008, 0009, 0010, 0011, 0012, 0013, 0014, 0015, 0016, 0019, 0020, 0021, 0022, 0023, 0024, 0025, 0802, and 0803 in Square 3592; and Lots 0027, 0028, 0030, 0034, 0043, 0045, 0068, 0070, 0072, 0089, 0090, 0103, 0104, 0106, and 0112 in Parcel 0129.

(b) As provided under § 2-1217.36f, the Available Tax Increment from the Union Market TIF Area shall be deposited in the Union Market TIF Fund and may be used for the purposes set forth in § 2-1217.36f.

(c)(1)(A) The base amount for determination of Available Sales Tax Revenues shall be:

(i) $2,644,943 in base year 2018;

(ii) $4,924,957 in base year 2019;

(iii) $5,984,737 in base year 2020;

(iv) $6,529,609 in base year 2021; and

(v) $6,764,675 in base year 2022 and each base year thereafter through 2052.

(B) Repealed.

(2)(A) The base amount for determination of Available Real Property Tax Revenues shall be:

(i) $3,746,069 in base year 2018;

(ii) $4,858,887 in base year 2019;

(iii) $6,202,452 in base year 2020;

(iv) $7,488,037 in base year 2021; and

(v) $7,712,678 in base year 2022 and each base year thereafter through 2052.

(B) Repealed.

(3) The Union Market TIF Area shall terminate on the earliest of:

(A) Twenty-five years after the issuance of the last bonds issued pursuant to this subpart;

(B) The date on which the bonds are paid in full or are defeased and are no longer outstanding; or

(C) March 1, 2027 if no bonds are issued.

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Cite this article: FindLaw.com - District of Columbia Code Division I. Government of District. § 2-1217.36g. Creation of the Union Market TIF Area. - last updated January 01, 2024 | https://codes.findlaw.com/dc/division-i-government-of-district/dc-code-sect-2-1217-36g/

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