Exempts certain economic development projects in downtown Baltimore City from property taxes under specific conditions.

The bill provides an exemption from Baltimore City property taxes for certain economic development projects in the downtown RISE District if the project owner and the Baltimore City Board of Estimates enter into a payment in lieu of taxes agreement. To qualify, the project must be newly constructed or rehabilitated commercial or multifamily residential property, include at least one hotel, office building, retail facility, or mixed-use facility, have building permits issued, and satisfy or waive all financing conditions.

Exempts certain economic development projects in downtown Baltimore City from property taxes under specific conditions.

The bill provides an exemption from Baltimore City property taxes for certain economic development projects in the downtown RISE District if the project owner and the Baltimore City Board of Estimates enter into a payment in lieu of taxes agreement. To qualify, the project must be newly constructed or rehabilitated commercial or multifamily residential property, include at least one hotel, office building, retail facility, or mixed-use facility, have building permits issued, and satisfy or waive all financing conditions.