Upon the recommendation of the County Executive, or on its own initiative, the County Council may establish, by ordinance, one or more Revitalization Tax Credit Districts. In establishing a Revitalization Tax Credit District, consideration shall be given to factors related to community redevelopment and business revitalization, such as, but not limited to: median household income, the residential density of the area, land use in the area, economic factors, and unemployment rates. All property located within a Revitalization Tax Credit District shall be eligible for the redevelopment/revitalization tax credit as set forth in this Section. There shall be allowed a tax credit on eligible County real property taxes based upon the value of the following eligible improvements requiring a County building permit: The construction, reconstruction, or extension of nonresidential structures; The reconstruction or extension of existing residential structures; The construction or reconstruction of new single-family residential structures that are built on lots on which a residential structure has been razed or demolished within the prior five (5) years, or on vacant lots between adjacent lots with single-family residential structures; New construction in developments of less than ten (10) one-family dwellings, as set forth in the plan of subdivision; and The construction, reconstruction, or extension of new or existing nonresidential or residential structures within a Major Transit-Oriented Development Project, subject to the requirements of this Paragraph (Section 10-235.02(d)(5)). Major Transit-Oriented Development Project ("MTOD Project") means, in this Subdivision, property shown on an approved Detailed Site Plan or an approved Building Permit Site Plan as located all or in part within a one-half mile radius of a constructed (or approved to be constructed) Washington Metropolitan Area Transit Authority (WMATA) Metrorail station, light rail transit (LRT) or bus rapid transit (BRT) station, or Maryland Area Regional Commuter (MARC) train station, as measured from the center of the transit station platform, and either: is a High Value Transit-Oriented Development Project (hereinafter "High Value TOD Project") which, in this Subdivision, means property shown on an approved Detailed Site Plan or Building Permit Site Plan as being developed for multi-story building(s), excluding warehouse, distribution, and storage facilities, in which at least 50% of the total building square footage is at least 6 stories in height or at least 72 feet above grade and which contains a mix of uses within the project; or is a Fortune 1000 Company Project, which, in this Subdivision, means property shown on an approved Detailed Site Plan or Building Permit Site Plan as being developed for multi-story building(s) to be occupied by the corporate headquarters or regional headquarters of a Fortune 1000 Company provided that the building(s) is/are subject to either an executed contract for ownership by the Fortune 1000 Company or an executed lease with the Fortune 1000 Company with a term of not less than 10 years, have a total density of a minimum of one hundred thousand (100,000) square feet, and exclude buildings or structures used for warehouse, distribution, and/or storage facilities. Definitions. In this Subdivision Detailed Site Plan has the meaning set forth in Subtitle 27 of the Code, Building Permit Site Plan means a site plan for constructing buildings and structures submitted as a part of a building permit application, and Fortune 1000 Company means one of the one thousand (1000) largest companies in the United States, as ranked by annual revenues, in one of the most recent three calendar years. Supplier Diversity and Equity Required for MTOD Projects. An MTOD Project, excluding a Fortune 1000 Company Project, shall fully comply with the requirements of an approved Supplier Diversity and Equity Plan in accordance with Section 10-335 of the Code to be eligible to be awarded a tax credit authorized by this Paragraph. Compliance and Enforcement. The County MBE Compliance Manager shall coordinate with the Director of Finance, who shall include the precondition of an approved Supplier Diversity and Equity Plan, if applicable, in the tax credit application process set forth in Section 10-235.02(h) of the Code for MTOD Projects applying for a tax credit award under this Paragraph ("MTOD Project Revitalization Tax Credit Application"). Certification of Compliance. The County MBE Compliance Manager shall certify in writing to the Director of Finance, in consultation with the Supplier Development and Diversity Division, that a project has fully complied with Section 10-235.02(d)(5) prior to the Director of Finance's approval of a MTOD Project Revitalization Tax Credit Application and authorization of remittance of the tax credit authorized under this Paragraph. (c) Failure to comply with an approved Supplier Diversity and Equity Plan or any other provision of Section 10-235.02(d)(5) may result in a restoration, or clawback, of an amount up to the equivalent value of any tax credit proceeds already received by the entity receiving the tax credit, as determined by resolution of the County Council with concurrence of the County Executive. Prospective, Nonretroactive Effect of Incentives for MTOD Projects. The tax credit authorized by this Paragraph applies to eligible improvements for MTOD Projects prospectively and not retroactively. Only improvements commenced and completed subject to and after the approval of a Detailed Site Plan (a new Detailed Site Plan and/or new amendment(s) to an existing Detailed Site Plan), Building Permit Site Plan (a new and/or amended Building Permit Site Plan), and a Supplier Diversity and Equity Plan, if applicable, approved in accordance with this Paragraph, are eligible improvements to receive a tax credit authorized by this Paragraph. Amendments to An Existing Detailed Site Plan or Building Permit Site Plan. Improvements completed pursuant and subsequent to a new amendment(s) of an existing Detailed Site Plan or Building Permit Site Plan are eligible improvements within an MTOD Project authorized under this Paragraph only if the amended Detailed Site Plan or amended Building Permit Site Plan meets the requirements of a High Value TOD Project or Fortune 1000 Company Project, as prescribed under this Paragraph, and such improvements are commenced and completed after the approval of a Supplier Diversity and Equity Plan, if applicable. Order of Approvals. The order of approvals for eligible improvements within an MTOD Project to be awarded a tax credit in accordance with this Paragraph are as follows: Detailed Site Plan (new or amended) or Building Permit Site Plan (new or amended); Supplier Diversity and Equity Plan, if applicable; and MTOD Project Revitalization Tax Credit Application (after the completion and assessment of the eligible improvements, which shall be approved by the Director of Finance if the project complies with the requirements of Section 10-235.02(d)(5)). Excluding projects subject to Section 10-235.02(d)(5), new construction in developments of ten (10) or more one-family dwellings, as set forth in the plan of subdivision, or new multifamily units may be eligible for the tax credit upon resolution of the County Council. Consideration shall be given to the factors related to community redevelopment and business revitalization set forth in Subsection (b), above. Except for projects subject to Section 10-235.02(d)(5), eligible improvements may be limited in the ordinance establishing each district. Unless provided otherwise in the ordinance establishing a district: Except for projects subject to Paragraph (3), below, for nonresidential improvements, for the first tax year immediately following the year in which the improvements are completed and assessed, the tax credit shall be in an amount equal to 100% of the amount of the County property tax imposed on the increased assessment attributable to the improvements as determined by the Supervisor of Assessments. The tax credit shall be reduced to 80% in the subsequent tax year, 60% in the third year, 40% in the fourth year, and 20% in the fifth year. A property tax credit granted hereunder for nonresidential improvements may not be granted for more than five (5) consecutive years. The total value of the tax credit over five (5) years may not exceed an amount equal to 100% of the costs of eligible improvements. Except for projects subject to Paragraph (3), below, for residential improvements, for the first tax year immediately following the year in which the improvements are completed and assessed, the tax credit shall be in an amount equal to 100% of the amount of the County property tax imposed on the increased assessment attributable to the improvements as determined by the Supervisor of Assessments. The tax credit shall be reduced to 66% in the subsequent tax year, and 33% in the third year. A property tax credit granted hereunder for residential improvements may not be granted for more than three (3) consecutive years. The total value of the tax credit over three (3) years may not exceed an amount equal to 100% of the costs of eligible improvements. For residential improvements, the maximum amount of eligible improvements shall be $200,000 per dwelling unit. For nonresidential or residential improvements within an MTOD Project, for the first five (5) tax years immediately following the year in which the respective improvements are completed and assessed, the tax credit shall be in an amount equal to one-hundred percent (100%) of the amount of the County property tax imposed on the increased assessment attributable to the improvements as determined by the Supervisor of Assessments. A property tax credit granted hereunder may not be granted for more than five (5) consecutive tax years after the respective improvements are completed and assessed. A phased project may have improvements that are completed and assessed at different times, which means the 5-year clock for a particular phase would start at the time that phase has been completed and assessed irrespective of the timing of completion and assessment of another phase, which would have its own 5-year start times upon assessment. Nonresidential or residential improvements within an MTOD Project shall only be eligible for a tax credit under this Paragraph if commenced and completed after the approval of a Detailed Site Plan (new or amended) or Building Permit Site Plan (new or amended) in accordance with Section 10-235.02(d)(5) and after the approval of a Supplier Diversity and Equity Plan, if applicable. County property tax amounts obligated, exempted, or credited pursuant to tax increment financing (TIF), payment in-lieu of taxes (PILOT), or other tax credits, exemptions, and incentives shall not be eligible for tax credit award under this Paragraph (Section 10-235.02(d)(5)). Application for the tax credit established herein shall be made under oath on an application provided by the Director of Finance. The application shall provide a legal description of the property, proof of a properly issued use and occupancy permit applicable to the eligible improvements, and such other information or documentation as the Director may require, to determine whether the applicant can qualify for the tax credit. Information pertaining to the revitalization tax credit shall be provided on the County website in a user-friendly format for applicants to access the revitalization tax credit information and understand how it can be used.