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District of Columbia Code Division I. Government of District. § 2-1217.39c. Creation of the RIA TIF Area.

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

(a) There is created a TIF area designated as the RIA TIF Area. The RIA TIF Area is defined as the real property bounded by Brentwood Road, N.E. from Rhode Island Avenue, N.E. to the alley between and parallel to Bryant Street, N.E. and Saratoga Avenue, N.E.; Rhode Island Avenue, N.E. from Brentwood Road, N.E. to Montana Avenue, N.E.; Montana Avenue, N.E. from Rhode Island Avenue, N.E. to Downing Street, N.E.; Downing Street, N.E. from Montana Avenue, N.E. to 14th Street, N.E.; 14th Street, N.E. from Downing Street, N.E. to the line extending eastward from the alley between and parallel to Saratoga Avenue, N.E. and Bryant Street, N.E.; and a line extending from 14th Street, N.E. to the alley between and parallel to Saratoga Avenue, N.E. and Bryant Street, N.E. continuing through the alley's intersection with Brentwood Road, N.E.

(b) As provided under § 2-1217.39b, the Available Tax Increment from the RIA TIF Area shall be deposited in the RIA TIF Fund and may be used for the purposes set forth in § 2-1217.39b.

(c)(1)(A) The base amount for determination of Available Sales Tax Revenues shall be $0.

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

(i) $613,621 in base year 2018;

(ii) $618,864 in base year 2019;

(iii) $672,705 in base year 2020;

(iv) $731,230 in base year 2021; and

(v) $753,167 in base year 2022.

(B) For base years 2023 through 2051, the base amount for determination of Available Real Property Tax Revenues shall reflect an increase in the amount of 3.1% from each previous base year's amount.

(d) The RIA TIF Area shall terminate on the earlier of:

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

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

(3) September 30, 2025 if no bonds are issued.

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Cite this article: FindLaw.com - District of Columbia Code Division I. Government of District. § 2-1217.39c. Creation of the RIA TIF Area. - last updated January 01, 2024 | https://codes.findlaw.com/dc/division-i-government-of-district/dc-code-sect-2-1217-39c/

Read this complete District of Columbia Code Division I. Government of District. § 2-1217.39c. Creation of the RIA TIF Area. on Westlaw. Westlaw subscription required.

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