Bill > B26-0281

This bill provides a property tax exemption for specific lots in the Reservoir District owned by McMillan Parcel 2 Owner, LLC and McMillan Parcel 4 Owner, LLC. Starting October 1, 2029, the property will receive a 100% real property tax exemption for 20 years, contingent upon meeting several key requirements: operating 449 housing units, dedicating one-third of those units as affordable housing for households earning an average of 80% of the Area Median Income, contracting at least 35% of the project's construction volume with certified business enterprises, and annually providing documentation to the Mayor demonstrating compliance. If the housing unit requirements are not fully met, the tax exemption will be proportionally reduced. The Mayor must annually certify the property's eligibility for the tax exemption to the Office of Tax and Revenue, and this exemption is in addition to any other potential tax relief. The bill aims to incentivize affordable housing development and support local business participation in the project.

Business and Industry

https://lims.dccouncil.gov/Legislation/B26-0281