Baltimore City Council
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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
On agenda: 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
Attachments: 1. 17-0092~1st Reader, 2. BDC 17-0092, 3. 17-0092~3rd Reader, 4. Completed File_17-0092
* 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 1st taxable year following the calendar year in which the property initially qualifies; and (ii) at...

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