In this section, the following words have the meanings indicated. “Brownfields Incentive Fund” means the Brownfields Revitalization Incentive Fund established under <cite data-doc="Md. Code" data-path="83A|3-904">Article 83A, § 3-904 of the Maryland Code</cite>. “Brownfields Incentive Program” means the Brownfields Revitalization Incentive Program established under “Economic Development Article, § 5-335 of the Maryland Code”. “Brownfields site” means a qualified Brownfields site, as defined in “Economic Development Article, § 5-301(i) of the Maryland Code”. “Increased property tax liability” means the remaining property tax liability, after first applying all other property tax credits applicable to the site, attributable to the increase in the assessment of a Brownfields site, including improvements added to the site within the tax-credit period provided for in this section, over the assessment of the Brownfields site before its voluntary cleanup. Pursuant to § 9-229 of the State Tax-Property Article, the City of Baltimore elects to participate in the Brownfields Incentive Program and to provide the tax credits authorized by this section. The credit granted by this section applies in each of the taxable years immediately following the 1^st revaluation of the Brownfields site after completion of a voluntary cleanup or corrective action plan, for a total of:5 taxable years; or if the site is in a designated State Enterprise Zone, 10 taxable years. The amount of the tax credit is 50% of the Brownfields site’s increased property tax liability. An additional credit of 20% of a Brownfields site’s increased property tax liability shall be granted if the aggregate cost of the site’s purchase and the voluntary cleanup or corrective action plan efforts equals or exceeds $250,000. For each year of the tax-credit period specified in subsection (c) of this section, the City shall contribute to the Brownfields Incentive Fund an amount equal to 30% of a Brownfields site’s increased property tax liability. The credits provided for in subsections (d) and (e) of this section may be transferred to a purchaser of the property for the remaining term of the credit. The tax credit granted under this section terminates if:the recipient of the credit withdraws from the voluntary cleanup program under § 7-512(a) or (b) of the Environment Article; the Department of the Environment withdraws approval of a response action plan or a certificate of completion under § 7-512(e) and (f) of the Environment Article; or the recipient of the credit otherwise ceases to qualify for the credit under this section or the rules and regulations adopted under this section. An application for a tax credit under this section must be filed in the 1^st taxable year in which the property qualifies. The application must be made on the form and contain the information that the Director of Finance specifies. Before a credit may be granted, the applicant must provide satisfactory evidence of:completion of a voluntary cleanup or corrective action plan approved by the State Department of the Environment; and for the additional credit provided under subsection (e) of this section, the cost of the site’s purchase and of the voluntary cleanup or corrective action plan. The Director of Finance may:subject to Title 4 {“Administrative Procedure Act – Regulations”} of the <cite data-path="|general">City General Provisions Article</cite>, adopt rules and regulations to carry out the provisions of this section; settle any disputed claims arising in connection with the credit authorized by this section; and delegate his or her powers and duties to administer this section to any employee or agency of the City. City Code, 1976/83, art. 28, §75I Ord. 98-248 Text Conformed 02/25/21 By authority of Ordinance 20-431, Section 5, the Director of Legislative Reference, in consultation with the Law Department, has conformed this section to refer expressly to and reflect the requirements of the recently-enacted Administrative Procedure Act that, effective January 15, 2021, governs the proposal, adoption, and publication of administrative rules and regulations. For subsection (a)(2), The Brownfields Incentive Fund is incorporated into the Maryland Economic Development Assistance Fund, as established under Economic Development Article, § 5-310 of the Maryland Code. The purpose of the Maryland Economic Development Assistance Fund includes “provide[ing] financial assistance for the redevelopment of qualified browfields sites”. Economic Development Article, § 5-311 of the Maryland Code. See also Economic Development Article, Part VI. Brownfields Revitalization Incentive Program of the Maryland Code.