Code of the District of Columbia

§ 47–4665.02. The Advisory Board Company — tax abatement.

(a) Subject to subsections (c) and (d) of this section and §§ 47-4665.03 and 47-4665.04, the real property taxes imposed by Chapter 8 of this title with respect to the Property shall be abated in an amount not to exceed $6 million per tax year during the abatement period. The abatement shall be apportioned equally between each tax year’s installment billing. The abatement shall be non-refundable and shall not be credited to other tax years.

(b) The amount of the abatement authorized in subsection (a) of this section shall be determined as follows:

(1) If the Company exceeds the total employment baseline and meets the annual requirements for the Accumulated New District Resident Hires, as measured on the annual reporting date, then the abatement for each such tax year shall equal $6 million;

(2) If the Company’s annual total of Net New District FTE Hires is less than the requirements for the Accumulated New District Resident Hires for the same period, but the Company exceeds the total employment baseline, then the abatement for each such tax year shall be calculated based on the ratio of actual Net New District FTE Hires to the requirement for Accumulated New District Resident Hires as of the annual reporting date; or

(3) If there are fewer FTEs than the total employment baseline as of the annual reporting date, then the abatement for each such tax year shall be zero.

(c) The Property shall be eligible for the abatement authorized in subsection (a) of this section each year of the abatement period as long as the Company:

(1) Maintains a lease for the premises located on the Property that meets the requirements in subsection (d) of this section;

(2) Maintains the total employment baseline;

(3) Fulfills the requirements of the Community Benefits Agreement; and

(4) Complies with §§ 47-4665.02 through 47-4665.05, including the requirements of the incentive agreement.

(d) The terms of the Company’s lease for the Property shall meet the following requirements:

(1) The premises subject to the lease shall be located in the District;

(2) The lease execution shall occur on or before December 31, 2015;

(3) The premises leased by the Company shall include at least 425,000 square feet of net rentable area; and

(4) The term of the initial lease term shall be at least 15 years.

(e) During the abatement period, the Property shall not be eligible for the abatement authorized under § 47-811.03.


(Feb. 26, 2016, D.C. Law 21-71, § 2(b), 63 DCR 1.)