District Of Columbia § 47-4626 - Randall School development project tax exemption.

§ 47-4626. Randall School development project tax exemption.

47-4626

The real property described as Lot 801, Square 643S, known as the Randall School development project, owned by the Trustees of the Corcoran Gallery of Art, a nonprofit corporation, shall be exempt from the tax imposed by , beginning October 1, 2008, and for so long as the Trustees of the Corcoran Gallery of Art own the real property; provided, that the exemption shall cease once a certificate of occupancy issues for any part of the Randall School development project. The exemption shall be in addition to, and not in lieu of, any other tax relief or assistance from any other source applicable to the Randall School development project.

Annotations

“(b) Notwithstanding the requirements and conditions established in the Randall School Sale Approval Resolution of 2004, effective December 21, 2004 (Res. 15-818; 52 DCR 250), the Council authorizes the Mayor to convey certain access easements over former Half Street, S.W., currently known for purposes of taxation and assessment as a portion of Lot 813, Square 0644, to the Trustees of the Corcoran Gallery of Art, its successors, and assigns, to enable the development of Lot 0801, Square 0643-S.”

“(7) The District shall have the right to reacquire the Property with any improvements if the Developer does not commence construction on the first phase of the development of the Property by January 1, 2018.

“(6) If the Developer disposes of all or any part of the Property prior to commencement of construction on the first phase of the development of the Property, the District shall be entitled to receive 40% of the profit realized from the disposition; and

“(5) The first phase of development on the Property shall include 125,000 square feet of development; of the 125,000 square feet developed on the property, no less than 25,000 square feet shall comprise either a nonprofit art museum or a nonprofit art gallery, or both;

“(4) Twenty percent of all residential units developed on the Property shall be sold or rented exclusively to households with incomes less than, or equal to, 80% of the area median income;

“(3) The Developer shall enter into a First Source Agreement with the District of Columbia establishing that the purchaser or any developer of the property must comply with the First Source Employment Agreement Act of 1984, effective June 29, 1984 (; D.C. Official Code ), and Mayor’s Order 83-265 (November 9, 1983), regarding job creation and employment generated as a result of construction on the property;

“(2) The developer of the Property (’Developer’) shall enter into an agreement with the Department of Small and Local Business Development to comply with the requirements of the Small, Local, and Disadvantaged Business Enterprise Development and Assistance Act of 2005, effective October 20, 2005 (; D.C. Official Code et seq.);

“(1) The Property shall be developed into a mixed-use development that will include no less than 25,000 square feet comprised of either a nonprofit art museum or a nonprofit art gallery, or both, and that may also include residential, hotel, art uses, retail, commercial, and other ancillary uses;

“Sec. 2. (a) Notwithstanding the requirements and the conditions established in the Randall School Sale Approval Resolution of 2004, effective December 21, 2004 (Res. 15-818; 52 DCR 250), the Council authorizes the Mayor to amend the declaration of covenants recorded as Instrument No. 2006160472, against Lot 0801, Square 0643-S (’Property’); provided, that the amendment contains the following terms and conditions:

Section 2 of provided: