2023 District of Columbia Code › Title 2 - Government Administration › Chapter 12 - Business and Economic Development › Subchapter IX - Tax Increment Financing › Part B - Identified Projects › Subpart 6A - Union Market › § 2–1217.36g. Creation of the Union Market TIF Area

§ 2–1217.36g. Creation of the Union Market TIF Area.
(a) There is created a TIF area designated as the Union Market TIF Area. The Union Market TIF Area is defined as the real property located in Lots 0001, 0002, and 0003 in Square 3594; Lots 0003, 0007, 0808, 0823, 0824, 0825, 0826, 0828, 0829, 0830, 0831, 0832, 7006, 7007, 7008, 7009, 7010, 7011, 7012, 7013, 7014, 7015, 7016, 7017, 7018, 7019, 7020, 7021, 7022, and 7023 in Square 3587; Lots 0004, 0015, 0016, 0017, 0018, 0019, 0020, 0021, 0022, 0025, 0801, 0802, and 0803 in Square 3588; Lots 0003, 0008, 0009, 0029, 0030, 0031, 0032, 0033, 0034, 0035, 0036, 0049, 0050, 0051, 0052, 0053, 0804, 0805, 0806, and 0808, in Square 3589; Lots 0001, 0002, 0003, 0004, 0005, 0006, 0010, 0011, 0013, 0014, 0800, 0801, and 0802 in Square 3590; Lots 0002, 0003, 0004 and 0800 in Square 3591; Lots 0001, 0002, 0006, 0007, 0008, 0009, 0010, 0011, 0012, 0013, 0014, 0015, 0016, 0019, 0020, 0021, 0022, 0023, 0024, 0025, 0802, and 0803 in Square 3592; and Lots 0027, 0028, 0030, 0034, 0043, 0045, 0068, 0070, 0072, 0089, 0090, 0103, 0104, 0106, and 0112 in Parcel 0129.
(b) As provided under § 2-1217.36f, the Available Tax Increment from the Union Market TIF Area shall be deposited in the Union Market TIF Fund and may be used for the purposes set forth in § 2-1217.36f.
(c)(1)(A) The base amount for determination of Available Sales Tax Revenues shall be:
(i) $2,644,943 in base year 2018;
(ii) $4,924,957 in base year 2019;
(iii) $5,984,737 in base year 2020;
(iv) $6,529,609 in base year 2021; and
(v) $6,764,675 in base year 2022 and each base year thereafter through 2052.
(B) Repealed.
(2)(A) The base amount for determination of Available Real Property Tax Revenues shall be:
(i) $3,746,069 in base year 2018;
(ii) $4,858,887 in base year 2019;
(iii) $6,202,452 in base year 2020;
(iv) $7,488,037 in base year 2021; and
(v) $7,712,678 in base year 2022 and each base year thereafter through 2052.
(B) Repealed.
(3) The Union Market TIF Area shall terminate on the earliest of:
(A) Twenty-five years after the issuance of the last bonds issued pursuant to this subpart;
(B) The date on which the bonds are paid in full or are defeased and are no longer outstanding; or
(C) March 1, 2027 if no bonds are issued.
(Feb. 15, 2018, D.C. Law 22-58, § 4, 64 DCR 13442; Oct. 30, 2018, D.C. Law 22-168, § 7302, 65 DCR 9388.)
Applicability
Section 7020 of D.C. Law 22-168 repealed section 16 of D.C. Law 22-58 removing the applicability restriction impacting this section. Therefore the creation of this section by D.C. Law 22-58 has been implemented.
Applicability of D.C. Law 22-58: § 16 of D.C. Law 22-58 provided that the creation of this section by § 4 of D.C. Law 22-58 is subject to the inclusion of the law’s fiscal effect in an approved budget and financial plan. Therefore that amendment has not been implemented.
Emergency Legislation
For temporary (90 days) amendment of this section, see § 7302 of Fiscal Year 2019 Budget Support Congressional Review Emergency Act of 2018 (D.C. Act 22-458, Oct. 3, 2018, 65 DCR 11212).
For temporary (90 days) amendment of this section, see § 7302 of Fiscal Year 2019 Budget Support Emergency Act of 2018 (D.C. Act 22-434, July 30, 2018, 65 DCR 8200).