City of Baltimore - File #: 17-0092

• File #: 17-0092
• Version: 0
• Name: Morgan State University - Approving Application for Designation as a RISE Zone - Granting Enhanced Local Property Tax Credit
• Type: Mayor and City Council Res.
• Status: Enacted
• File created: 7/17/2017
• In control: City Council
• Final action: 3/27/2018
• Enactment #: 18-05
• Title: Morgan State University - Approving Application for Designation as a RISE Zone - Granting Enhanced Local Property Tax Credit For the purpose of approving the designation of the Morgan State University as a “qualified institution” under the State’s Regional Institution Strategic Enterprise Zone (“RISE Zone”) Program; approving and joining in the application for designation of a RISE Zone at 1500 Havenwood, Baltimore, Maryland (identified as Ward 27, Section 080, Block 3969, Lots 001, 045,045A and 046) (the “Property”); granting an enhanced local property tax credit for the Property; and providing for a special effective date.
• Sponsors: City Council President (Administration)
• Indexes: Application, Designation, Property, RISE Zone, Tax Credits

Date	Ver.	Action By	Action	Result
4/23/2018	0	Mayor	Signed by Mayor
3/12/2018	0	City Council	Approved and Sent to the Mayor
2/26/2018	0	City Council	3rd Reader, for final passage
2/26/2018	0	Taxation, Finance and Economic Development Committee	Recommended Favorably
2/22/2018	0	Taxation, Finance and Economic Development Committee	Recommended Favorably	Pass
2/5/2018	0	Taxation, Finance and Economic Development Committee	Scheduled for a Public Hearing
7/20/2017	0	The City Council	Refer to Baltimore Development Corporation
7/17/2017	0	City Council	Assigned
7/17/2017	0	City Council	Introduced

* Warning: This is an unofficial, introductory copy of the bill.

The official copy considered by the City Council is the first reader copy.

                     Introductory*

                     City of Baltimore

                     Council Bill          

Introduced by: The Council President

At the request of: The Administration (Baltimore Development Corporation)                                

                     A Resolution Entitled

A Resolution of the Mayor and City Council concerning

title

Morgan State University - Approving Application for Designation as a RISE Zone - Granting Enhanced Local Property Tax Credit

For the purpose of approving the designation of the Morgan State University as a “qualified institution” under the State’s Regional Institution Strategic Enterprise Zone (“RISE Zone”) Program; approving and joining in the application for designation of a RISE Zone at 1500 Havenwood, Baltimore, Maryland (identified as Ward 27, Section 080, Block 3969, Lots 001, 045,045A and 046) (the “Property”); granting an enhanced local property tax credit for the Property; and providing for a special effective date.

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                     Recitals

The Maryland General Assembly has established a Regional Institution Strategic Enterprise Zone (“RISE Zone”) Program to (i) access institutional assets that have a strong and demonstrated history of commitment to economic development and revitalization in the communities in which they are located and (ii) provide certain benefits to eligible projects developed in those areas.

State Tax-Property Article, § 9-103.1(c)(1) mandates that local governments grant a real property tax credit to qualified properties within a RISE Zone against the property tax imposed on the eligible assessment of those qualified properties, as follows: (i) at least 50% in the 1^st taxable year following the calendar year in which the property initially qualifies; and (ii) at least 10% in the ensuing 2^nd  through 5^th  taxable years.

State Tax-Property Article, § 9-103.1(c)(5), in turn, authorizes a local government, “by local law”, to increase the minimum credit percentages otherwise mandated by § 9-103.1(c)(1).

Section 1.  Be it resolved by the Mayor and City Council of Baltimore, That the Mayor and City Council of Baltimore:

(1)                     approves the designation of Morgan State University as a “qualified institution” under the State’s Regional Institution Strategic Enterprise Zone (“RISE Zone”) Program;

(2)                     approves the submission of an application to designate the Property as a RISE Zone, and authorizes and directs the appropriate City officials to join with Morgan State University in executing and submitting the application to the Maryland Department of Commerce; and

(3)                     pursuant to State Tax-Property Article, § 9-103.1, on designation of the Property as a RISE Zone, grants a local property tax credit equal to 80% of the property tax imposed on the eligible assessment of all qualified property for each of the 1^st through 5^th taxable years following the calendar year in which the property initially qualifies.

Section 2.  And be it further resolved, That copies of this Resolution be sent to the Secretary of the Maryland Department of Commerce and to the President of the Baltimore Development Corporation.

Section 3.  And be it further resolved, That this Resolution takes effect on the date it is enacted.