Code of the District of Columbia

§ 2–1217.36e. Definitions.

For the purposes of this subpart, the term:

(1) "Authorized Delegate" means the Deputy Mayor for Planning and Economic Development, the Chief Financial Officer, the Treasurer, or any officer or employee of the executive office of the Mayor to whom the Mayor has delegated any of the Mayor's functions under this subpart pursuant to § 1-204.22(6).

(2) "Available Increment" shall have the same meaning as set forth in the Reserve Agreement.

(3) "Available Real Property Tax Revenues" means the revenues resulting from the imposition of the tax provided for in Chapter 8 of Title 47, inclusive of any penalties and interest charges, exclusive of the special tax provided for in § 1-204.81 pledged to payment of general obligation indebtedness of the District.

(4) "Available Sales Tax Revenues" means the revenues resulting from the imposition of the tax under Chapter 20 of Title 47, including penalty and interest charges, exclusive of the portion thereof required to be deposited in the Washington Convention Center Fund established pursuant to § 10-1202.08, and any amounts to be made available to the Washington Metropolitan Transit Authority pursuant to section 7102 of the Revised Revenue Contingency List Act of 2017, enacted on July 31, 2017 (D.C. Act 22-130; 62 DCR 7652), and § 9-1111.15(b)(2)(A).

(5) "Available Tax Increment" means the sum of the Available Sales Tax Revenues and Available Real Property Tax Revenues generated in the Union Market TIF Area in any fiscal year of the District minus the sum of Available Sales Tax Revenues and Available Real Property Tax Revenues generated in the Union Market TIF Area in the applicable base year.

(6) "Bond Counsel" means a firm or firms of attorneys designated as bond counsel from time to time by the Mayor.

(7) "Bonds" means the District of Columbia revenue bonds, notes, or other obligations, in one or more series, authorized to be issued pursuant to this subpart. Unless otherwise specified, the term "bonds" shall include Refunding Bonds.

(8) "Chairman" means the Chairman of the Council of the District of Columbia.

(9) "Chief Financial Officer" means the Chief Financial Officer established by § 1-204.24a(a).

(10) "Closing Documents" means all documents and agreements, other than Financing Documents, that may be necessary and appropriate to issue, sell, and deliver the bonds, and includes agreements, certificates, letters, opinions, forms, receipts, and other similar instruments.

(11) "Council" means the Council of the District of Columbia.

(12) "Debt Service" means principal, premium, if any, and interest on the bonds.

(13) "Development Costs" has the same meaning as in § 2-1217.01(13).

(14) "Development Sponsor" means Union Market Infrastructure Corp., qualified to do business in the District of Columbia, or any other entity that undertakes the development of the project with the approval of the Mayor.

(15) "District" means the District of Columbia.

(16) "Financing Documents" means the documents, other than Closing Documents, that relate to the financing or refinancing of transactions to be effected through the issuance, sale, and delivery of the bonds, including any offering document, and any required supplements to any such documents.

(17) "Home Rule Act" means Chapter 2 of Title 1.

(18) "Project" means the financing, refinancing, or reimbursing of Development Costs incurred for construction of infrastructure and retail parking within the Union Market TIF Area and adjoining public space.

(18A) "Refunding Bonds" means the District of Columbia bonds, notes, or other obligations, in one or more series, authorized to be issued pursuant to this subpart to refund the bonds.

(19) "Retail Parking" means structured parking located within the Union Market TIF Area that is designed to support the development of the Union Market TIF Area as a retail hub.

(20) "Reserve Agreement" means that certain Reserve Agreement, dated April 1, 2002, by and among the District, Wells Fargo Bank Minnesota, N.A., and Financial Security Assurance, Inc.

(21) "TIF" means tax increment financing.

(22) "Union Market TIF Area" means the geographical area described in § 2-1217.36g(a).


(Feb. 15, 2018, D.C. Law 22-58, § 2, 64 DCR 13442; Sept. 11, 2019, D.C. Law 23-16, § 2012(a), 66 DCR 8621.)

Applicability

Section 7020 of D.C. Law 22-168 repealed section 16 of D.C. Law 22-58 removing the applicability restriction impacting this section. Therefore the creation of this section by D.C. Law 22-58 has been implemented.

Applicability of D.C. Law 22-58: § 16 of D.C. Law 22-58 provided that the creation of this section by § 2 of D.C. Law 22-58 is subject to the inclusion of the law’s fiscal effect in an approved budget and financial plan. Therefore that amendment has not been implemented.

Emergency Legislation

For temporary (90 days) amendment of this section, see § 2012(a) of Fiscal Year 2020 Budget Support Congressional Review Emergency Act of 2019 (D.C. Act 23-112, Sept. 4, 2019, 66 DCR 11964).

For temporary (90 days) amendment of this section, see § 2012(a) of Fiscal Year 2020 Budget Support Emergency Act of 2019 (D.C. Act 23-91, July 22, 2019, 66 DCR 8497).