Baltimore City Council
File #: 15-0585    Version: 0 Name: Tax Credits - Historic Properties
Type: Ordinance Status: Enacted
File created: 11/2/2015 In control: City Council
On agenda: Final action: 2/26/2016
Enactment #: 16-454
Title: Tax Credits - Historic Properties FOR the purpose of extending the period within which applications may be accepted for an historic improvement tax credit; clarifying the definition of "eligible improvements"; restating the purpose and goal of this credit; modifying certain criteria for a credit limitation imposed on development projects that exceed a certain amount in construction costs; modifying certain procedures for adopting rules and regulations governing the credit; providing for a special effective date; and generally relating to the property tax credit for improvements, restorations, and rehabilitations to historic properties.
Sponsors: City Council President (Administration)
Indexes: Historic, Properties, Tax Credits
Attachments: 1. 15-0585~1st Reader, 2. Planning 15-0585, 3. CHAP 15-05855, 4. HCD 15-0585, 5. City Solicitor 15-0585, 6. Real Estate 15-0585, 7. Finance 15-0585, 8. 2nd Reader Amendments 15-0585, 9. 15-0585~3rd Reader
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
2/29/20160 Mayor Signed by Mayor  Action details Meeting details Not available
2/22/20160 City Council Approved and Sent to the Mayor  Action details Meeting details Not available
2/8/20160 City Council 3rd Reader, for final passage  Action details Meeting details Not available
2/8/20160 Taxation, Finance and Economic Development Committee Recommended Favorably with Amendment  Action details Meeting details Not available
2/4/20160 Taxation, Finance and Economic Development Committee Recommended Favorably with AmendmentPass Action details Meeting details Not available
1/26/20160 Taxation, Finance and Economic Development Committee Scheduled for a Public Hearing  Action details Meeting details Not available
12/10/20150 Taxation, Finance and Economic Development Committee Scheduled for a Public Hearing  Action details Meeting details Not available
11/5/20150 The City Council Refer to Dept. of Finance  Action details Meeting details Not available
11/5/20150 The City Council Refer to Board of Estimates  Action details Meeting details Not available
11/5/20150 The City Council Refer to Commission for Historical & Architectural Preservation  Action details Meeting details Not available
11/5/20150 The City Council Refer to Dept. of Planning  Action details Meeting details Not available
11/5/20150 The City Council Refer to Dept. of Real Estate  Action details Meeting details Not available
11/5/20150 The City Council Refer to City Solicitor  Action details Meeting details Not available
11/5/20150 The City Council Refer to Dept. of Housing and Community Development  Action details Meeting details Not available
11/2/20150 City Council Assigned  Action details Meeting details Not available
11/2/20150 City Council Introduced  Action details Meeting details Not available

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 (Planning Department)                                                        

 

                     A BILL ENTITLED

 

AN ORDINANCE concerning

title

Tax Credits - Historic Properties

FOR the purpose of extending the period within which applications may be accepted for an historic improvement tax credit; clarifying the definition of "eligible improvements"; restating the purpose and goal of this credit; modifying certain criteria for a credit limitation imposed on development projects that exceed a certain amount in construction costs; modifying certain procedures for adopting rules and regulations governing the credit; providing for a special effective date; and generally relating to the property tax credit for improvements, restorations, and rehabilitations to historic properties.

body

 

BY repealing and reordaining, with amendments

   Article 28 - Taxes

   Section 10-8(a)(3), (b), (f)(1) and (2), and (m)

   Baltimore City Code

   (Edition 2000)

 

   SECTION 1.  BE IT ORDAINED BY THE MAYOR AND CITY COUNCIL OF BALTIMORE, That the Laws of Baltimore City read as follows:

 

                     Baltimore City Code

 

                     Article 28.  Taxes

 

                     Subtitle 10.  Credits

 

� 10-8.  Historic improvements, restorations, and rehabilitations.

 

   (a)  Definitions.

 

      (3)  Eligible improvements.

 

�Eligible improvements� means significant improvements to an historic property THAT HAVE BEEN APPROVED BY CHAP AS MEETING LOCAL PRESERVATION STANDARDS.

 

 

 

   (b)  Program goal.

 

The goal of this program is to help preserve AND REVITALIZE Baltimore�s neighborhoods by encouraging home and business owners to make special efforts to restore or rehabilitate historic buildings.

 

(f)  Amount of credit � Limitation on projects more than [$3.5] $5 million in construction costs.

 

(1)                     For development projects exceeding [$3.5] $5 million in documented construction costs, the tax credit is limited to the following percentages of the amount computed under subsection (e) of this section:

 

(i)                      in years 1 through 5                                          80%

 

(ii)  in year 6                                                                                                         70%

 

(iii)  in year 7                                                                                                         60%

 

(iv)  in year 8                                                                                                         50%

 

(v)                      in year 9                                                                                                         40%

 

(vi)  in year 10                                                                                     30%.

 

      (2)  To be eligible for this limited tax credit:

 

(i)                     the developer must:

 

(A)  submit all documents requested by the Finance Director; and

 

(B)  submit documentation reviewed by the developer with the State Department of Assessments and Taxation to support a preliminary estimate of value for tax purposes based on construction costs and projected income; and

 

(ii)  either:

 

(A)  the existing building in question must have been at least 75% vacant for at least 3 years;

 

(B) THE PROJECT IS A HIGH-PERFORMANCE MARKET-RATE RENTAL HOUSING PROJECT, AS THESE TERMS ARE DEFINED IN � 10-18 (A)(2) {�DEFINITIONS: HIGH-PERFORMANCE�} AND (A)(3) {�DEFINITIONS: MARKET-RATE RENTAL HOUSING PROJECT�} OF THIS SUBTITLE; or

 

(C) [(B)] the developer must otherwise demonstrate to the Finance Director that the credit is necessary in order for the project to proceed.

 

 

   (m)  Termination of program.

 

Applications for a credit under this section may not be accepted after [February 29, 2016] FEBRUARY 28, 2021.

 

   SECTION 2.  AND BE IT FURTHER ORDAINED, That the catchlines contained in this Ordinance are not law and may not be considered to have been enacted as a part of this or any prior Ordinance.

 

   SECTION 3.  AND BE IT FURTHER ORDAINED, That this Ordinance takes effect February 29, 2016.

 

dlr15-1260(4)~intro/28Oct15

art28/HistTxCredit/aa:me

 

 

dlr15-1260(4)~intro/28Oct15

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