Statutes, codes, and regulations
District of Columbia Official Code
Division VIII - GENERAL LAWSTitle 47 - TAXATION, LICENSING, PERMITS, ASSESSMENTS, AND FEES
Chapter 46 - SPECIAL TAX INCENTIVES
Section 47-4626 - Randall School development project tax exemption

D.C. Code § 47-4626

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Current through codified legislation effective October 30, 2024
Section 47-4626 - Randall School development project tax exemption
(a) The Property, known as the Randall School development project, owned by the Trustees of the Corcoran Gallery of Art, a nonprofit corporation, shall be exempt from the tax imposed by Chapter 8 of this title, beginning October 1, 2008, for so long as the Trustees of the Corcoran Gallery of Art, or qualified successor, own the real property; provided, that the exemption provided by this section shall cease upon the commencement of the abatement provided under § 47-4626.01. The exemption provided by this section shall be in addition to, and not in lieu of, any other tax relief or assistance from any other source applicable to the Randall School development project.
(b) For the purposes of this section, the term:
(1) "Property" means the real property described as Lot 801, Square 643, Suffix S and any improvements on that real property.
(2) "Qualified successor" means an entity that develops, or transfers for development, the Property pursuant to § 47-4626.01.

D.C. Code § 47-4626

Mar. 3, 2010, D.C. Law 18-111, § 7171(b), 57 DCR 181; Sept. 26, 2012, D.C. Law 19-171, § 131, 59 DCR 6190; June 4, 2019, D.C. Law 23-6, § 2(b), 66 DCR 4944.

Section 2 of D.C. Law 18-294 provided:

"Sec. 2. (a) Notwithstanding the requirements and the conditions established in the Randall School Sale Approval Resolution of 2004, effective December 21, 2004 (Res. 15-818; 52 DCR 250), the Council authorizes the Mayor to amend the declaration of covenants recorded as Instrument No. 2006160472, against Lot 0801, Square 0643-S ('Property'); provided, that the amendment contains the following terms and conditions:

"(1) The Property shall be developed into a mixed-use development that will include no less than 25,000 square feet comprised of either a nonprofit art museum or a nonprofit art gallery, or both, and that may also include residential, hotel, art uses, retail, commercial, and other ancillary uses;

"(2) The developer of the Property ('Developer') shall enter into an agreement with the Department of Small and Local Business Development to comply with the requirements of the Small, Local, and Disadvantaged Business Enterprise Development and Assistance Act of 2005, effective October 20, 2005 (D.C. Law 16-33; D.C. Official Code § 2-218.01 et seq.);

"(3) The Developer shall enter into a First Source Agreement with the District of Columbia establishing that the purchaser or any developer of the property must comply with the First Source Employment Agreement Act of 1984, effective June 29, 1984 (D.C. Law 5-93; D.C. Official Code § 2-219.03 ), and Mayor's Order 83-265 (November 9, 1983), regarding job creation and employment generated as a result of construction on the property;

"(4) Twenty percent of all residential units developed on the Property shall be sold or rented exclusively to households with incomes less than, or equal to, 80% of the area median income;

"(5) The first phase of development on the Property shall include 125,000 square feet of development; of the 125,000 square feet developed on the property, no less than 25,000 square feet shall comprise either a nonprofit art museum or a nonprofit art gallery, or both;

"(6) If the Developer disposes of all or any part of the Property prior to commencement of construction on the first phase of the development of the Property, the District shall be entitled to receive 40% of the profit realized from the disposition; and

"(7) The District shall have the right to reacquire the Property with any improvements if the Developer does not commence construction on the first phase of the development of the Property by January 1, 2018.

"(b) Notwithstanding the requirements and conditions established in the Randall School Sale Approval Resolution of 2004, effective December 21, 2004 (Res. 15-818; 52 DCR 250), the Council authorizes the Mayor to convey certain access easements over former Half Street, S.W., currently known for purposes of taxation and assessment as a portion of Lot 813, Square 0644, to the Trustees of the Corcoran Gallery of Art, its successors, and assigns, to enable the development of Lot 0801, Square 0643-S."

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