Source: https://development.code.dccouncil.us/dc/council/code/sections/47-4607.html
Timestamp: 2019-04-21 00:40:29+00:00

Document:
D.C. Law Library - § 47–4607. Parkside Terrace development project — Tax exemptions.
↪ § 47–4607. Parkside Terrace development project — Tax exemptions.
§ 47–4606. Brentwood Retail Center, 1060 Brentwood Road, N.E.; lot 57, square 3848.
§ 47–4608. DC-USA development project — Tax exemptions.
§ 47–4607. Parkside Terrace development project — Tax exemptions.
(1) “Affordable rental housing project” means a housing development in which units are rented to occupying households with not more than 80% of area median income (adjusted for household size) for a rent not exceeding 30% of household income as such amounts are determined by the United States Department of Housing and Urban Development.
(2) “Developer Sponsor” means Parkside Terrace Development LLC, its successors and affiliates.
(4) “Parkside Terrace property” means the real property, including any improvements thereon, located in Square 5926, Lot 3 (or as the land for such lots may be subdivided into a record lot or lots or assessment and taxation lots in the future).
(2) Any conveyances from the developer sponsor to an entity for any portion of the Parkside Terrace project which is to be operated as an affordable rental housing project.
(c) The sales and rental of tangible personal property to be incorporated in or consumed in the Parkside Terrace project, whether or not the sale, rental, or nature of the material or tangible personal property is incorporated as a permanent part of the Parkside Terrace project or the Parkside Terrace property, shall be exempt from the tax imposed by § 47-2002.
(d)(1) The Parkside Terrace property shall be exempt from the tax imposed by Chapter 8 [of this title].
(B) To those portions of the Parkside Terrace property which are expected to be developed into for-sale condominium and townhouse units only until such portions of the property are transferred by the Developer Sponsor.
(e) The Parkside Terrace project shall be exempt from any public space permit fees imposed by § 47-2718.
(f) The exemptions pursuant to subsections (c) and (d) of this section shall be in addition to, and not in lieu of, any other tax relief or assistance from any other source applicable to the Parkside Terrace project or the Parkside Terrace property and shall not exceed, in the aggregate, $6 million.
(g) This section shall not prevent or restrict the Developer Sponsor from utilizing any other tax, development, or other economic incentives available to the Parkside Terrace project or the Parkside Terrace property.
D.C. Law 17-353 validated a previously made technical correction in the section designation.
For temporary (90 day) amendment of D.C. Law 16-84, § 3, see § 22 of Finance and Revenue Technical Amendments Second Emergency Amendment Act of 2006 (D.C. Act 16-585, December 28, 2006, 54 DCR 340).
“(a) Section 47-4607(b) and (e) shall apply as of October 1, 2005. Any amounts paid with respect to conveyances or public space permits fees on or after October 1, 2005 shall be refunded.

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