The Director shall grant payment in lieu of taxes for qualifying housing development projects acquired through the Right of First Refusal or an Exception as designated in this section. The Director may refuse a PILOT agreement to an otherwise eligible project under this section if that project received a prior PILOT agreement under any other Section of the Code. Requirements for PILOT eligibility. The property must be acquired in accordance to section 13-1113 or 13-1114 of the Right of First Refusal Code; and The Director shall determine a financial necessity for the PILOT as a result of established economic feasibility reviews and underwriting; and The property must be located in a geographic area that has been identified by the County as an area of focus or priority for the preservation of affordable rental housing. Required PILOT Agreement Terms. All PILOT agreements shall meet the requirements of Section 7-506.1 of the Tax Property Article of the Annotated Code of Maryland; and All terms shall be memorialized in writing; and All properties receiving PILOT assistance must agree to Affordability Covenants for a period of at least 15 years for at least 20% of the total units in the property with rents that are affordable to households with incomes that do not surpass 80% of the Area Median Income; and PILOT agreement may be structured to assist up to 100% of units within each property; and The term of PILOT agreements shall be equal to the affordable housing covenant period which is expected to be 15 years or greater. Annual Amount of PILOTs. The Director shall facilitate PILOTs for ROFR projects as follows: The Director may grant PILOT agreements that total an aggregate reduction of annual County real property taxes not to exceed $1,500,000 (One Million Five Hundred Thousand dollars) per fiscal year; unless The Director does not grant an aggregate reduction of annual County real property taxes of $1,500,000 under this section in a given fiscal year, then the remaining balance may be used in future fiscal years on a rolling basis. Advance Notice to the County Council. At least 14 calendar days prior to the execution of a PILOT agreement, the Director shall provide written notice of the impending PILOT Agreement, including a description of the project, proposed PILOT amount, and summary of the terms and conditions of the proposed agreement, to the Clerk of the County Council for immediate distribution to the Members of the County Council. The Director shall consider any feedback from the Members of the County Council in the Director's final decision about whether to grant the PILOT.