Exempts economic development projects in Baltimore's Downtown RISE District from property taxes through a payment in lieu of taxes agreement.

This bill allows economic development projects in Baltimore's Downtown RISE District to be exempt from property taxes if the project owner and the Baltimore City Board of Estimates agree to a payment in lieu of taxes. The agreement requires the project owner to apply for the exemption, have building permits issued, and satisfy or waive all financing conditions for the project's construction. The bill also mandates that the city report annually on economic development projects with such agreements, including job creation, tax generation, and other economic benefits.

Exempts economic development projects in Baltimore's Downtown RISE District from property taxes through a payment in lieu of taxes agreement.

This bill allows economic development projects in Baltimore's Downtown RISE District to be exempt from property taxes if the project owner and the Baltimore City Board of Estimates agree to a payment in lieu of taxes. The agreement requires the project owner to apply for the exemption, have building permits issued, and satisfy or waive all financing conditions for the project's construction. The bill also mandates that the city report annually on economic development projects with such agreements, including job creation, tax generation, and other economic benefits.