Bill > B26-0040

This bill provides a targeted tax abatement for a specific property located at 1333 M Street, SE in Washington, DC, owned by FRF Land Owner LLC. The bill creates a 15-year tax abatement period beginning October 1, 2029, where the property will receive an annual real property tax reduction for amounts exceeding $150,000. To qualify for this tax abatement, the developer must meet several specific conditions, including reserving 12% of residential gross floor area as inclusionary housing units for low-income households, constructing various public space improvements like a neighborhood greenway, bicycle trail reconstruction, and plaza developments, and making two one-time $25,000 monetary contributions to the Department of Parks and Recreation and the Seafarer's Yacht Club. The developer must submit annual documentation to the Mayor by October 31 of each tax year proving compliance with these conditions, and the Mayor will then certify the property's eligibility to the Office of Tax and Revenue. The bill explicitly states that this tax abatement is in addition to any other potential economic development incentives and does not prevent the property owner from contesting tax assessments. The tax abatement is specifically tied to a Planned Unit Development (PUD) approved by the Zoning Commission through several orders, and is designed to incentivize specific community and affordable housing improvements.

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https://lims.dccouncil.gov/Legislation/B26-0040