D.C. Code § 2-1217.04

Current through codified legislation effective October 30, 2024
Section 2-1217.04 - Approval by the Council

Upon completion of negotiations with the development sponsor, the CFO may certify the project and submit such certification and the proposed resolution referred to in § 2-1217.03(d) to the Mayor. If the Mayor determines that the resolution is consistent with the requirements of this section, the Mayor shall transmit to the Council a proposed resolution to approve the project, the TIF area, the development agreement, and the amount to be financed. The proposed resolution shall define the TIF area for the eligible project, a summary description of the eligible project and its compliance with the criteria, a listing of the public benefits to be derived from the eligible project, portion of real property tax or sales revenues increment to be allocated to the project; and a summary of the terms of the TIF bonds to be issued with respect to the project. The Council shall approve or disapprove the proposed resolution within 45 days.

D.C. Code § 2-1217.04

Sept. 11, 1998, D.C. Law 12-143, § 5, 45 DCR 3724.

Application of Law 12-271: Section 5 of D.C. Law 12-271 provided that the provisions of the act shall apply to any project approved by the Council pursuant to this section after September 11, 1998.

Section 4 of D.C. Law 13-128 provided: "This act shall apply to any project approved by the Council under section 5 of the TIF Act after July 1, 1999."