In this section, the following terms have the meanings indicated. “Arts and entertainment district” has the meaning stated in <cite data-doc="Md. Code" data-path="gec|4-701">State Economic Development Article, § 4-701</cite>. “Arts and entertainment enterprise” has the meaning stated in <cite data-doc="Md. Code" data-path="gec|4-701">State Economic Development Article, § 4-701</cite>. “Director” means the Director of Finance or designee. “Eligible assessment” means the phased-in value, as applied by the State Department of Assessments and Taxation in the 1^st, 2^nd, or 3^rd year in a 3-year cycle under <cite data-doc="Md. Code" data-path="gtp|8-103">State Tax-Property Article § 8-103, </cite>attributable to the qualifying renovations, as determined by the State Department of Assessments and Taxation. “Qualifying renovations” means renovations that are made:to a manufacturing, commercial, or industrial building located in a State-designated arts and entertainment district; and for use by a qualifying residing artist or an arts and entertainment enterprise. “Qualifying residing artist” has the meaning stated in <cite data-doc="Md. Code" data-path="gec|4-701">State Economic Development Article, § 4-701</cite>. In accordance with <cite data-doc="Md. Code" data-path="gtp|9-240">State Tax-Property Article § 9-240, </cite>a real property tax credit is granted against the City property tax imposed on a manufacturing, commercial, or industrial building that:is located in a State-designated arts and entertainment district; and is wholly or partially renovated for use by a qualifying residing artist or an arts and entertainment enterprise. The credit is prorated to reflect the proportion of the building used by a qualifying residing artist or an arts and entertainment enterprise. A tax credit may be taken under this section for up to 10 years, as provided in subsection (d) of this section, subject to compliance with the continuing eligibility requirements of subsection (j) of this section. Except for properties eligible for a Maryland Enterprise Zone Tax Credit, the amount of the credit granted under this section is the amount of property tax imposed on the eligible assessment of the property, multiplied by:80% for the first 5 taxable years; 70% for the 6^th taxable year; 60% for the 7^th taxable year; 50% for the 8^th taxable year; 40% for the 9^th taxable year; 30% for the 10^th taxable year; and 0% for each subsequent taxable year. For properties eligible for a Maryland Enterprise Zone Tax Credit, the amount of the credit granted under this section is the amount of property tax imposed on the eligible assessment of the property, multiplied by:20% for the first 5 taxable years; 30% for the 6^th taxable year; 40% for the 7^th taxable year; 50% for the 8^th taxable year; 60% for the 9^th taxable year; 70% for the 10^th taxable year; and 0% for each subsequent taxable year. The credit period begins after the first reassessment of the property by the State after the completion of qualifying renovations. The credit will first be applied to the tax bill generated after the State has issued a revised assessment notice, on a part- or full-year basis. Improvements made before July 1, 2002, do not qualify for a tax credit under this section. The tax credit granted by this section may be transferred to a purchaser of the property for the remaining term of the credit, subject to compliance with the continuing eligibility requirements of subsection (j) of this section. The property owner must apply to the Director for a tax credit under this section within 90 days of receipt of an assessment notice reflecting the eligible assessment. The credit granted under this section does not apply to any property for which any other tax subsidy from the City, other than a Maryland Enterprise Zone Tax Credit, is being received or has been applied for, whether in the form of a tax credit, payment in lieu of taxes, or otherwise. The use of the credit in any year is conditioned on:the property’s compliance with all City housing, building, health, fire, and other applicable code requirements; the taxpayer’s remaining current on all payments due to the City; the continued use of the property or eligible portion of the property by a qualifying residing artist or an arts and entertainment enterprise; and the taxpayer’s providing to the Director an annual certification of that continued use. The Director 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 implement the provisions of this section; settle disputed claims that may arise in connection with the credit authorized by this section; and delegate powers, duties, or functions in connection with the administration of the credit authorized by this section to any employee of the City. Ord. 02-462 Ord. 16-534 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.