In this subtitle, the following terms have the meanings indicated. “City-owned property” means any ownership interest held by the City in the applicable real property, including legal title to the property, whether in fee or as a leasehold interest, whether or not subject to a ground lease, and whether now owned or later acquired by the City. “Enabling Law” means § 7-501 of the State Tax-Property Article. “Hotel facilities” means any land and improvements thereon, or a portion thereof, that:is to be constructed for the use and operation as a hotel for short-term guest rentals; and has a minimum investment of $50,000,000 of private capital. “Hotel facilities” includes related meeting facilities, banquet facilities, dining facilities, associated public or private parking facilities, and other related service facilities. “Hotel facilities” does not include any City-owned property that is used, in whole or part, for the conduct of gaming or gambling activities. “PILOT” means negotiated payments in lieu of taxes, as authorized by the Enabling Law. “PILOT Agreement” means an agreement providing for negotiated payments in lieu of taxes, as authorized by this subtitle. Ord. 98-253

The Mayor and City Council finds and determines that: there is a need for additional hotel facilities in the urban renewal areas of the City to provide a positive atmosphere for the tourism and convention businesses; and the authorization of a PILOT in connection with any lease of City-owned property entered into on or after January 1, 1998, for hotel facilities in an urban renewal area will substantially aid in achieving and encouraging economic development in the City. Ord. 98-253

Acting pursuant to the Enabling Law, the City is authorized to exempt from municipal taxation hotel facilities:that are on City-owned property within any urban renewal area; and that, on or after January 1, 1998, are leased or otherwise made available to any person:who uses the property in connection with a business that is conducted for profit; and who is authorized to accept a PILOT in accordance with the terms and conditions of a PILOT Agreement. Provided, however, that the assessment of these hotel facilities shall be included in the assessable base of the City to determine the amount of any State of Maryland aid that is based on the assessable base of the City. Ord. 98-253

The City is authorized to negotiate a PILOT Agreement in connection with any lease after January 1, 1998, of any City-owned property within any urban renewal area for use as hotel facilities. However, the economic terms to be incorporated into any PILOT Agreement must be approved by an Ordinance of the Mayor and City Council before the Board of Estimates gives final approval to the PILOT Agreement. Each PILOT Agreement:shall conform to the economic terms approved by an Ordinance of the Mayor and City Council; and shall contain any additional terms that the Board of Estimates deems reasonably necessary to accomplish the purposes of this subtitle, taking into account the specific needs of the particular hotel facility. All PILOT Agreements executed pursuant to this subtitle must provide that the PILOT Agreement will terminate immediately if the property is no longer used as a hotel facility. Ord. 98-253

The final terms of any PILOT Agreement or disposition agreement affecting any hotel facility and the final forms of all documents drafted in connection with it, are subject to the approval of the Board of Estimates. Ord. 98-253