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Current through October 23, 2012
For the purposes of this subchapter, the term:
(1) "Authorized Delegate" means the City Administrator, the Chief Financial Officer, the District of Columbia Treasurer, the Deputy Mayor for Planning and Economic Development, or any officer, employee, or agency of the executive office of the Mayor to whom the Mayor has delegated any of the Mayor's functions under D.C. Law 17-252 pursuant to § 1-204.22(6) and has been designated as an authorized delegate for purposes of D.C. Law 17-252.
(2) "Available Increment" shall have the same meaning as provided in the Reserve Agreement.
(3) "Available Sales Tax Revenues" means the revenues generated in the Southwest Waterfront PILOT/TIF Area in any fiscal year of the District commencing on the Commencement Date resulting from the imposition of the sales tax under Chapter 20 of Title 47, including penalty and interest charges, exclusive of the portion thereof required to be deposited in the Washington Convention Center Fund established pursuant to § 10-1202.08; provided, that with respect to the Fish Market, the Available Sales Tax Revenues shall be the sales tax revenues in excess of an amount equal to the sales tax revenues for fiscal year 2008. The term "Available Sales Tax Revenues" shall include sales tax revenues from any business existing in the Southwest Waterfront PILOT/TIF Area on October 22, 2008, only after the business has re-opened as a result of the development of any portion of the project.
(4) "Bond Counsel" means a firm or firms of attorneys designated as bond counsel from time to time by the Mayor.
(5) "Bonds" means the District of Columbia revenue bonds, notes, or other obligations (including refunding bonds, notes, and other obligations), in one or more series, authorized to be issued pursuant to this subchapter.
(6) "Chief Financial Officer" means the Chief Financial Officer of the District of Columbia established by § 1-204.25(a).
(7) "Closing Documents" means all documents and agreements, other than Financing Documents, that may be necessary and appropriate to issue, sell, and deliver the bonds, and includes agreements, certificates, letters, opinions, forms, receipts, and other similar instruments.
(8) "Commencement Date" means the date upon which the 1st parcel of real estate within the Southwest Waterfront PILOT/TIF Area is transferred to the Master Developer.
(9) "Consumer Price Index" means the index number of retail commodities prices designated "Consumer Price Index-all items CPIU (1996=100) Washington-Baltimore DC-MD-VA-WA" as published by the United States Department of Labor, Bureau of Labor Statistics (or any successor agency thereto), appropriately adjusted.
(10) "Debt Service" means payment of principal, premium, if any, and interest on the bonds.
(11) "Development Costs" means all costs and expenses incurred in connection with the development, redevelopment, purchase, acquisition, protection, financing, construction, expansion, reconstruction, rehabilitation, renovation and repair, and the furnishing and equipping of the project, including:
(A) The costs of demolishing or removing roads, utilities, sidewalks, underground facilities, buildings or structures, and other improvements located on, and site preparation of, including environmental remediation, the land acquired or used for, or in connection with, the project, including costs incurred to resolve existing leaseholder interests in portions of the project site that will be re-conveyed to the District as public infrastructure;
(B) Costs of relocation, construction, and redevelopment of the project, including entitlement, development, and construction management fees;
(C) Costs incurred for publicly-owned utility lines, structures, public roads, public parks, or equipment located within or necessary to serve the project;
(D) Interest on the bonds prior to, and during, the construction of the project;
(E) Provisions for reserves for extraordinary repairs and replacements;
(F) Expenses incurred for architectural, engineering, energy efficiency technology, design and consulting, financial, and legal services;
(G) Fees for letters of credit, bond insurance, debt service reserve insurance, surety bonds, or similar credit or liquidity enhancement instruments;
(H) Costs and expenses associated with the conduct and preparation of specification and feasibility studies, plans, surveys, historic structure reports, and estimates of expenses and revenues;
(I) Expenses necessary or incident to issuing the bonds and determining the feasibility and the fiscal impact of financing the acquisition, construction, or redevelopment of the project; and
(J) The provision of an allowance for contingencies and initial working capital.
(12) "Financing Documents" means the documents, other than Closing Documents, that relate to the financing or refinancing of transactions to be effected through the issuance, sale, and delivery of the bonds, including any offering document, and any required supplements to any such documents.
(13) "Fish Market" means the property known for assessment and taxation purposes as Lots 850, 846, and 847, Square 473, and the adjacent riparian area.
(14) "Home Rule Act" means Chapter 2 of Title 1.
(15) "Master Developer" means the development entity to which the District transfers the leasehold interest in the Southwest Waterfront PILOT/TIF Area and which is responsible for the planned development of the entire Southwest Waterfront PILOT/TIF Area, including the project.
(16) "Project" means the publicly owned infrastructure located within the Southwest Waterfront PILOT/TIF Area, including streets, parking facilities, sidewalks, walkways, streetscapes, parks, bulkheads, piers, curbs, gutters, and gas, electric, and water utility lines, and the acquisition, equipping, relocation, construction, and redevelopment of certain public facilities, including parks.
(17) "Reserve Agreement" means that certain Reserve Agreement, dated as of April 1, 2002, by and among the District, Wells Fargo Bank Minnesota, N.A. and Financial Security Assurance, Inc.
(18) "Southwest Waterfront Fund" means the fund created by § 2-1217.133.
(19) "Southwest Waterfront Improvement Benefit District" means the special assessment district established by § 47-895.02.
(20) "Southwest Waterfront PILOT" or "PILOT" means the payment in lieu of taxes from the Southwest Waterfront PILOT/TIF Area required by § 47-4615.
(21) "Southwest Waterfront PILOT Base Amount" means $945,000.
(22) "Southwest Waterfront PILOT Increment" means the amount of the Southwest Waterfront PILOT that exceeds the Southwest Waterfront PILOT Base Amount.
(23) "Southwest Waterfront PILOT/TIF Area" means the following geographic area:
(A) Approximately 23 acres of land area between the southern curb line of Maine Avenue, S.W., and the bulkhead paralleling the Washington Channel from the western edge of the Fish Market to the western curb of 6th Street, S.W., to the eastern edge of Lot 843, Square 473, the eastern edge of Lots 883, 884, and 885, Square 503, to the eastern edge of parcel 255/15, to the western edge of the P Street, S.W., right-of-way; and
(B) The riparian area and piers associated with the land described in subparagraph (A) of this paragraph, which include:
(i) The Fish Market;
(ii) The Capital Yacht Club;
(iii) The Gangplank Marina; and
(iv) Piers 4 and 5.
(24) "Southwest Waterfront Special Assessment" means the special assessment relating to the Southwest Waterfront Improvement Benefit District established by § 47-895.02.
(Oct. 22, 2008, D.C. Law 17-252, § 101, 55 DCR 9251.)
HISTORICAL AND STATUTORY NOTES
Legislative History of Laws
Law 17-252, the "Southwest Waterfront Bond Financing Act of 2008", was introduced in Council and assigned Bill No. 17-591 which was referred to the Committee on Finance and Revenue. The Bill was adopted on first and second readings on July 1, 2008, and July 15, 2008, respectively. Signed by the Mayor on August 4, 2008, it was assigned Act No. 17-499 and transmitted to both Houses of Congress for its review. D.C. Law 17-252 became effective on October 22, 2008.
