In this subtitle the following words have the meanings indicated. “Adjusted assessable base” means the fair market value of real property that qualifies for a farm or agricultural use under § 8–209 of the Tax – Property Article, without regard to the agricultural use assessment for the property as of January 1 of the year preceding the effective date of the resolution creating the development district under § 12–203 of this subtitle. “Assessable base” means the total assessable base, as determined by the Supervisor of Assessments or the governing body in accordance with § 12–203(b) of this subtitle, of all real property subject to taxation in a development district or a sustainable community. “Assessment ratio” means a real property tax assessment ratio, however designated or calculated, that is used under applicable general law to determine the assessable base. “Assessment ratio” includes the assessment percentage specified under § 8–103(c) of the Tax – Property Article. “Blighted area” means an area in which a majority of buildings have declined in productivity by reason of obsolescence, depreciation, or other causes to an extent that they no longer justify fundamental repairs and adequate maintenance. “Bond” means a revenue bond, note, or other similar instrument issued in accordance with this subtitle by: a political subdivision; or the revenue authority of Prince George’s County. “Chief executive” means the president, chair, mayor, or other chief executive officer of a political subdivision or the revenue authority of Prince George’s County. “Development” includes new development, redevelopment, revitalization, and renovation. “Development district” means a contiguous or noncontiguous area designated by a resolution. “Development district” includes an extraordinary development district. “Extraordinary development district” means a development district that: is designated as such by resolution; and contains at least 50 acres, on all or part of which a federal law enforcement agency will be located; or is the site of an immersive entertainment venue. “Immersive entertainment venue” means an entertainment venue that: is owned by a private entity; has at least 3,000 seats; has an aggregate development cost of at least $500,000,000; and has an immersive experience with advanced display technology, including 4D visual effects and spherical LED screens. “Issuer” means a political subdivision or the revenue authority of Prince George’s County that issues a bond under this subtitle. “MEDCO obligation” means a bond, note, or other similar instrument that the Maryland Economic Development Corporation issues under authority other than this subtitle to finance the cost of infrastructure improvements located in or supporting a transit–oriented development, a sustainable community, a RISE zone, or a State hospital redevelopment. “Original base” means the assessable base: as of January 1 of the year preceding the effective date of the resolution creating the development district under § 12–203 of this subtitle; or if the political subdivision determined the original base in accordance with § 12–203(b) of this subtitle, the base value as established in the resolution. “Original full cash value” means the dollar amount that is determined by dividing the original base by the assessment ratio used to determine the original base. “Original taxable value” means for any tax year the dollar amount that is: the adjusted assessable base, if an adjusted assessable base applies; or in all other cases, the lesser of: the product of multiplying the original full cash value by the assessment ratio applicable to that tax year; and the original base. “Political subdivision” means a county or a municipal corporation. “RISE zone” means an area designated as a Regional Institution Strategic Enterprise zone under § 10–140 of this article. “State hospital redevelopment” means any combination of private or public commercial, residential, or recreational uses, improvements, and facilities that: is part of a comprehensive coordinated development plan or strategy involving: property that was occupied formerly by a State facility, as defined in § 10–101 of the Health – General Article, or a State residential center, as defined in § 7–101 of the Health – General Article; or property that is adjacent or reasonably proximate to property that was occupied formerly by a State facility, as defined in § 10–101 of the Health – General Article, or a State residential center, as defined in § 7–101 of the Health – General Article; in accordance with design development principles, maximizes use of the property by those constituencies it is intended to serve; and is designated as a State hospital redevelopment by: the Smart Growth Subcabinet established under § 9–1406 of the State Government Article; and the local government or multicounty agency with land use and planning responsibility for the relevant area. “Sustainable community” has the meaning stated in § 6–201 of the Housing and Community Development Article. “Sustainable community” includes a portion of a sustainable community. “Tax increment” means for any tax year the amount by which the assessable base as of January 1 of the preceding tax year exceeds the original base taxable value divided by the assessment ratio used to determine the original taxable value. “Tax year” means the period from July 1 of a calendar year through June 30 of the next calendar year. “Transit–oriented development” has the meaning stated in § 7–101 of the Transportation Article.