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Current through October 23, 2012
(a) There is established as a nonlapsing fund outside the General Fund of the District of Columbia a fund designated as the H Street Retail Priority Area Grant Fund. The Chief Financial Officer shall pay upon April 8, 2011, an amount not to exceed $5 million annually, but not to exceed $25 million in the aggregate, of the H Street Real Property Tax Increment Revenue and the H Street Sales Tax Increment Revenue into the H Street Retail Priority Area Grant Fund.
(b) All funds deposited into the H Street Retail Priority Area Grant Fund, and any interest earned on those funds, shall not revert to the unrestricted fund balance of the General Fund of the District of Columbia at the end of a fiscal year, or at any other time, but shall be continually available for the uses and purposes set forth in subsection (c) of this section without regard to fiscal year limitation, subject to authorization by Congress.
(c) DMPED shall use a portion of each of the $5 million annual allocations into the H Street Retail Priority Area Grant Fund as follows:
(1)(A) Repay the General Fund of the District of Columbia annually for all tax abatements to the Developer Sponsor.
(B) The value of the tax abatements to the Developer Sponsor shall not exceed $5 million in the aggregate; and
(2) Make grants to H Street Retail Developers in accordance with § 1- 325.173.
(d) The Mayor shall prepare and deliver an annual report to the Council each year on January 1st. The annual report shall contain a listing and description of each grant issued from the H Street Retail Priority Area Grant Fund pursuant to this part. Each listing shall contain specific information about the nature of the grant, the grantee, the use of the grant funds, the projected number of new jobs created for District residents, the projected economic benefit to the District, and any other information the Council may request regarding each grant.
(Apr. 8, 2011, D.C. Law 18-354, § 3, 58 DCR 754.)
HISTORICAL AND STATUTORY NOTES
Legislative History of Laws
For history of Law 18-354, see notes under § 1-325.171.
