District of Columbia Code Division VIII. General Laws. § 47-4683. Tax Exemption for Reservoir District;  Lots 809, 810, 814, 815, Square 3128.

(1) “Owner” means McMillan Parcel 2 Owner, LLC, and McMillan Parcel 4 Owner, LLC, affiliates of LDP Holdings, LLC d/b/a Jair Lynch Real Estate Partners, and its successors, affiliates, and assigns.

(2) “Property” means the real property, including any improvements constructed thereon, at Parcel 2 West and Parcel 4 within the Reservoir District;  known for tax and assessment purposes as Lots 814 and 815 in Square 3128, and Lots 809 and 810 in Square 3128, respectively.

(1) Operate or cause to be operated 449 units of housing at the Property;

(2) Set aside 1/3 of the operating rental housing units in the Property as affordable and available for households earning an average of 80% of the Area Median Income;

(3) Enter into an agreement with the District government that requires the Owner, or its designee or assignee, to, at a minimum, contract with certified business enterprises for at least 35% of the contract dollar volume of the construction of the project on the Property, in accordance with Subchapter IX-A of Chapter 2 of Title 2;  and

(4) By September 30 of the year immediately preceding each tax year in the exemption period set forth in this subsection, provide the Mayor with information showing what percentage of each of the requirements for eligibility for the exemption provided in paragraphs (1) through (3) of this subsection has been met.  If the total number of units of housing required to be provided pursuant to paragraph (1) of this subsection has not been met, the amount of the real property tax exemption shall be reduced in equal proportion to the percentage of units of housing that are not currently operating in the given real property tax year.