In this section the following words have the meanings indicated. “Hippodrome Performing Arts Center facility” means the Hippodrome Performing Arts facility as defined in § 10–601 of the Economic Development Article. “Hippodrome Performing Arts Center site” means the Hippodrome Performing Arts site as defined in § 10–601 of the Economic Development Article. The Hippodrome Performing Arts Center site and the Hippodrome Performing Arts Center facility are subject to property taxes unless: such properties are used principally as a performing arts center; and the owner of such properties and the Baltimore City Board of Estimates agree on a payment that the owner shall make to Baltimore City in lieu of Baltimore City real property taxes.