In this section, “revitalization district” means a district designated by resolution adopted by the Prince George’s County Council and approved by the County Executive or designated by the governing body of a municipal corporation in Prince George’s County. It is found and declared that there exists within Prince George’s County: a number of economically depressed areas in need of revitalization; and deteriorating communities. Older commercial centers are decaying. A need exists to provide an incentive to property owners to revive the older communities. New business in these areas would bring about new housing and new jobs. The establishment of revitalization districts with the provision of a tax deferral will give property owners an incentive to renovate deteriorating properties. Subject to paragraph (2) of this subsection, the governing body of Prince George’s County or any municipal corporation within Prince George’s County may by resolution establish revitalization districts for the purpose of encouraging revitalization. The governing body of Prince George’s County may not establish a revitalization district within the boundaries of a municipal corporation without the approval of the governing body of the municipal corporation. The governing body of Prince George’s County or the governing body of a municipal corporation in Prince George’s County may authorize, by law, the deferral of increased property taxes imposed by that governing body on real property located within a revitalization district that: is substantially renovated after the creation of the revitalization district; is reassessed as the result of the renovation and is assessed at a higher value than would otherwise have been assessed; and is eligible for the tax deferral as provided by local law. The governing body authorizing the tax deferral may authorize, by law, procedures for the determination of eligibility of property for the tax deferral by: establishing criteria for the extent of renovation; requiring approval of the renovation plan; and requiring the owner of the property to make application for the deferral. The deferral authorized under this section: may apply only to the tax liability increase directly attributable to the value added by the renovation of the property; may not be granted for a period exceeding 5 years; and shall constitute a lien on the property until paid in full. Upon expiration of the deferral, the governing body may provide for payment of the deferred taxes in 1 payment or in annual payments of not more than 5 payments. Upon transfer of ownership of the property, the governing body may provide for immediate payment of the deferred taxes in 1 payment.