EXPLANATION: CAPITALS indicate matter added to existing law.
[Brackets] indicate matter deleted from existing law.
* 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 BILL ENTITLED
AN ORDINANCE concerning
title
North Locust Point Development District - Amending Ordinance 03-642, as Amended by Ordinance 11-553
FOR the purpose of adding and modifying certain definitions; enlarging the boundaries of the development district; adding new 2012 Exhibit A and revising Exhibit 1 to include additional properties; providing for a special effective date; and making the provisions of this Ordinance severable.
body
BY repealing and reordaining, with amendments
Ordinance 03-642, as amended by Ordinance 11-553
Section(s) 1 and 3
Recitals
The Tax Increment Financing Act, Article II, Section (62) of the Baltimore City Charter (the “Act”) authorizes the Mayor and City Council of Baltimore (the “City”) to establish a “development district” (as defined in the Act) and a special, tax increment fund into which the revenues and receipts from the real property taxes representing the levy on the “tax increment” (as defined in the Act) for the development district are deposited, for the purpose of providing funds for the development of the development district.
The Act also authorizes the City, subject to certain requirements, to borrow money by issuing and selling bonds for the purpose of financing and refinancing the development of industrial, commercial, or residentia...
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