§ 47–4627. 14W and the YMCA Anthony Bowen Project; Lot 164 (formerly Lots 18, 19, 20, 120, 121, 160, 161, 828, and 835), Square 234.
(a) For the purposes of this section, the term:
(1) “14W and the YMCA Anthony Bowen Project” means the acquisition, development, construction, installation, and equipping of a mixed-use project on the 14W and the YMCA Anthony Bowen Property, including the redevelopment of the historic Anthony Bowen YMCA, the construction of 231 units of rental housing, of which 18 will be affordable units at 60% or less of area median income, 12,200 square feet of ground-level retail space, and 170 below-grade parking spaces.
(2) “14W and the YMCA Anthony Bowen Property” means the real property, including any improvements constructed thereon, described as Lot 164 (formerly Lots 18, 19, 20, 120, 121, 160, 161, 828, and 835), Square 234, owned by the Young Men’s Christian Association of Metropolitan Washington and RP Jefferson 14, LLC (or as the land for such lots may be subdivided into a record lot or lots or assessment and taxation lots, condominium lots, air rights lots, or any combination in the future).
(b) The tax imposed by Chapter 8 of this title on the 14W and the YMCA Anthony Bowen Property shall be abated for 20 consecutive years as follows:
(1) In years one through 10, the tax shall be capped at $68,400 annually, to be allocated pro rata among any then-existing taxable lots;
(2) Beginning in year 11, the tax shall be abated to the extent it exceeds 10% of the tax otherwise imposed by Chapter 8 of this title, with the tax liability increasing 10% per year in years 12 through 20 until the tax equals 100% of the tax imposed by Chapter 8 of thDis title.
(c) The 14W and the YMCA Anthony Bowen Project shall be exempt from the tax imposed by Chapter 20 of this title on materials used directly for construction of the 14W and the YMCA Anthony Bowen Project.
(d) This section shall not prevent or restrict the owners of the 14W and the YMCA Anthony Bowen Property from utilizing any other tax, development, or other economic incentives available.