(a) Purpose.
(1) Maryland state law authorizes the City of Frederick to participate in the Brownfields Revitalization Incentive Program through the enactment of legislation that grants certain property tax credits. Md. Code Annotated, Tax Property Article § 9-229; Article 83A, § 5-1408.
(2) The mayor and board of aldermen desire to enact such legislation and grant a property tax credit of fifty (50) percent of the property tax attributable to the increase in the assessment of the qualified brownfields site, including improvements added to the site during the credit period, over the assessment of the site before the voluntary cleanup or corrective action plan. This credit shall apply for five (5) taxable years.
(b) Authority. The city derives authority for this ordinance from § 9-229 of the Tax Property Article of the Annotated Code of Maryland.
(c) Brownfields property tax credit.
(1) Pursuant to the authorization contained in § 9-229, Tax Property Article, Annotated Code of Maryland, the City of Frederick elects to participate in the Brownfields Revitalization Incentive Program established under § 5-1408 of Article 83A, Annotated Code of Maryland, and to provide a brownfields property tax credit for the taxable year beginning July 1, 2002.
(2) There is a City of Frederick brownfields property tax credit against the tax on real property of a qualified brownfields site as defined in § 5-1401(o) of Article 83A, Annotated Code of Maryland, in an amount equal to fifty (50) percent of the property tax attributable to the increase in the assessment of the qualified brownfields site, including improvements added to the site during the credit period, over the assessment of the qualified brownfields site before the voluntary cleanup or corrective action plan.
(3) The credit will apply in each of the five (5) taxable years immediately following the first revaluation of the property after completion of a voluntary cleanup or corrective action plan of a qualified brownfields site.
(4) The credit is subject to the requirements and limitations set forth in § 9-229 of the Tax Property Article of the Annotated Code of Maryland.
(5) Pursuant to the requirement contained in § 9-229(c)(2), Tax Property Article, Annotated Code of Maryland, for each year of the credit period, the City of Frederick shall contribute to the Maryland Economic Development Assistance Fund established under § 5-1404, Article 83A of the Annotated Code of Maryland an amount equal to thirty (30) percent of the property tax attributable to the increase in the assessment of the qualified brownfields site during the credit period, over the assessment of the qualified brownfields site before the voluntary cleanup or corrective action plan.
(6) Notwithstanding subsection (b)(3), for a site located in an enterprise zone designed under Subtitle 4, Title 5, Article 83A, Annotated Code of Maryland, the credit will apply in each of the five (5) taxable years immediately following the revaluation of the property after completion of a voluntary cleanup or corrective action plan of a qualified brownfields site. (Ord. No. G-02-7, § 1, 5-16-02)