District Of Columbia § 2-1217.04 - Approval by the Council.

§ 2-1217.04. Approval by the Council.

2-1217.04

Upon completion of negotiations with the development sponsor, the CFO may certify the project and submit such certification and the proposed resolution referred to in to the Mayor. If the Mayor determines that the resolution is consistent with the requirements of this section, the Mayor shall transmit to the Council a proposed resolution to approve the project, the TIF area, the development agreement, and the amount to be financed. The proposed resolution shall define the TIF area for the eligible project, a summary description of the eligible project and its compliance with the criteria, a listing of the public benefits to be derived from the eligible project, portion of real property tax or sales revenues increment to be allocated to the project; and a summary of the terms of the TIF bonds to be issued with respect to the project. The Council shall approve or disapprove the proposed resolution within 45 days.

Annotations

Section 4 of provided: “This act shall apply to any project approved by the Council under section 5 of the TIF Act after July 1, 1999.”

Application of Law 12-271: Section 5 of provided that the provisions of the act shall apply to any project approved by the Council pursuant to this section after September 11, 1998.

Resolution 15-426, the “Tax Increment Revenue Bonds NJA Development Partners, LP Project Technical Amendment Emergency Resolution of 2004”, was approved effective January 21, 2004.

Resolution 15-381, the “Tax Increment Revenue Bonds 1000 K, L.L.C. Project Approval Resolution of 2003”, was approved effective December 16, 2003.

Resolution 15-197, the “Tax Increment Revenue Bonds Embassy Suites Hotel Inducement Emergency Resolution of 2003”, was approved effective July 8, 2003.

Resolution 15-192, the “Tax Increment Revenue Bonds NJA Development Partners, LP Project Approval Emergency Resolution of 2003”, was approved effective July 8, 2003.

Resolution 14-364, the “Tax Increment Revenue Bond Downtown TIF Area Base Year Emergency Approval Resolution of 2002”, was approved effective February 5, 2002.

Resolution 14-257, the “District of Columbia Tax Increment Revenue Bond Downtown TIF Area Emergency Approval Resolution of 2001”, was approved effective November 6, 2001.