For the purposes of this subchapter, the term:
(1) "Chief Financial Officer" means the Office of the Chief Financial Officer established by § 1-204.24a.
(2) "Economic development incentive" or "incentive" means any expenditure of public funds by a granting body for the purpose of stimulating economic development within the District of Columbia, including any bond issuance-including pilot bond, tax increment financing bond, and revenue bond issuances, grant, loan, loan guarantee, fee waiver, land price subsidy, matching fund, tax abatement, tax exemption, tax credit, and any other tax expenditure.
(3) "Granting body" means an agency, board, office, instrumentality, or authority of the District government that provides or authorizes an economic development incentive.
(4) "Recipient" means any non-governmental person association, corporation, joint venture, partnership, or other entity that receives an economic development incentive.
(5) "Tax expenditure" shall include any loss of revenue to the Government of the District of Columbia that is attributable to an exemption, abatement, credit, reduction, or other exclusion under District tax law.
(6) "Unified Economic Development Budget Report" or "Report" means the document that the Chief Financial Officer is required to create under § 2-1208.02.
(Sept. 24, 2010, D.C. Law 18-223, § 2252, 57 DCR 6242.)
HISTORICAL AND STATUTORY NOTES
Emergency Act Amendments
For temporary (90 day) addition, see § 2252 of Fiscal Year 2011 Budget Support Emergency Act of 2010 (D.C. Act 18-463, July 2, 2010, 57 DCR 6542).
Legislative History of Laws
Law 18-223, the "Fiscal Year 2011 Budget Support Act of 2010", was introduced in Council and assigned Bill No. 18-731, which was referred to the Committee of the Whole. The Bill was adopted on first and second readings on May 26, 2010, and June 15, 2010, respectively. Signed by the Mayor on July 2, 2010, it was assigned Act No. 18-462 and transmitted to both Houses of Congress for its review. D.C. Law 18-223 became effective on September 24, 2010.
Miscellaneous Notes
Short title: Section 2251 of D.C. Law 18-223 provided that subtitle V of title II of the act may be cited as the "Unified Economic Development Budget Transparency and Accountability Act of 2010".
(a)(1) Not more than 3 months after the end of each fiscal year, the Chief Financial Officer shall compile and publish an annual Unified Economic Development Budget Report ("Report") with regard to the fiscal year just concluded. The report shall be produced in both printed and electronic form and shall be freely available in offices of all District agencies included in the report. A user-friendly electronic version of the report shall be posted on the Government of the District of Columbia's website in a central location that the public can easily locate.
(2) The comprehensive report shall provide the following information regarding the economic development incentives offered by the District:
(A) The name of each recipient receiving one or more economic development incentives with a combined total value equal to or greater than $75,000;
(B) The dollar value of each economic development incentive received by each recipient; provided, that any economic development incentive received by a recipient with a value less than $75,000 shall not be itemized; the Chief Financial Officer shall report an aggregate dollar amount of those expenditures and the total number of recipients aggregated;
(C) The aggregate dollar amounts for each type of incentive;
(D) The aggregate dollar amounts expended per ward;
(E) The aggregate number of companies, groups, or individuals receiving each type of economic development incentive; and
(F) The total cost of all economic development incentives appropriated by each granting body categorized by the granting body's name.
(b) The Chief Financial Officer shall submit annually, as part of the annual budget request to the Council, a single document estimating the costs of all economic development incentives for the fiscal year of the requested budget, including:
(1) The total cost to the District resulting from the proposed economic development incentives, including the costs for each category of proposed tax expenditures, and the amounts of proposed tax expenditures classified by ward; and
(2) The cost to the District of all proposed appropriated funds for economic development incentives by District agency, instrumentality, or public institution of higher education.
(c) Any granting authority agencies administering any economic development incentive shall cooperate and assist the Chief Financial Officer in the preparation of the Unified Economic Development Budget Report and all reporting requirements imposed by this subchapter.
(Sept. 24, 2010, D.C. Law 18-223, § 2253, 57 DCR 6242.)
HISTORICAL AND STATUTORY NOTES
Emergency Act Amendments
For temporary (90 day) addition, see § 2253 of Fiscal Year 2011 Budget Support Emergency Act of 2010 (D.C. Act 18-463, July 2, 2010, 57 DCR 6542).
Legislative History of Laws
For Law 18-223, see notes following § 2-1208.01.
(a) For purposes of evaluating the success of economic development in the District of Columbia, the Mayor, before the start of each legislative period, shall prepare a strategic plan for economic development that reflects the District's economic priorities ("strategic plan"). At a minimum, the strategic plan shall:
(1) Establish realistic and verifiable goals for economic development, including concrete performance measures for the following economic priorities:
(A) Job growth;
(B) Business retention and expansion;
(C) Business attraction;
(D) An increased tax base; and
(E) Increased usage and purchasing of local goods and services;
(2) Incorporate data obtained from the Unified Economic Development Budget Report required by § 2-1208.02 to assess the success of the District's usage of economic development incentives in the past fiscal year to accomplish economic priorities and to relate how economic development incentives proposed as part of the upcoming fiscal year's budget will assist the District in meeting its goals and performance measures for economic development;
(3) Identify a cohort of relevant comparable economic analyses, considering efforts by neighboring jurisdictions and across the nation as examples;
(4) Evaluate other economic development benchmarking;
(5) Identify and evaluate the strengths, weaknesses, and opportunities inherent in and available to the District economy as well as the mechanisms and leverage points where the District should invest additional resources to achieve the goals established in the strategic plan; and
(6) Recommend policy initiatives designed to improve the relative ability of the District to achieve the goals identified in the strategic plan.
(b) The Mayor shall publish the strategic plan in both printed and electronic form. The printed version shall be distributed to the Council and made freely available to the public at the Office of the Deputy Mayor of Planning and Economic Development. A user-friendly electronic version of the report shall also be posted on the Government of the District of Columbia's website in a central location that the public can easily locate.
(Sept. 24, 2010, D.C. Law 18-223, § 2254, 57 DCR 6242.)
HISTORICAL AND STATUTORY NOTES
Emergency Act Amendments
For temporary (90 day) addition, see § 2254 of Fiscal Year 2011 Budget Support Emergency Act of 2010 (D.C. Act 18-463, July 2, 2010, 57 DCR 6542).
Legislative History of Laws
For Law 18-223, see notes following § 2-1208.01.
All data collected and maintained as part of the reporting obligations imposed by this subchapter shall be fully subject to, and comply with, subchapter II of Chapter 5 of this title.
(Sept. 24, 2010, D.C. Law 18-223, § 2255, 57 DCR 6242.)
HISTORICAL AND STATUTORY NOTES
Emergency Act Amendments
For temporary (90 day) addition, see § 2255 of Fiscal Year 2011 Budget Support Emergency Act of 2010 (D.C. Act 18-463, July 2, 2010, 57 DCR 6542).
Legislative History of Laws
For Law 18-223, see notes following § 2-1208.01.
