In this section, “arts and entertainment district”, “arts and entertainment enterprise”, and “qualifying residing artist” have the meanings stated in § 4–701 of the Economic Development Article. The governing body of a county or municipal corporation may grant, by law, a property tax credit against the county or municipal corporation property tax imposed on a manufacturing, commercial, or industrial building that: is located in an arts and entertainment district; and is wholly or partially constructed or renovated to be capable for use by a qualifying residing artist or an arts and entertainment enterprise. A tax credit granted under this section may not be granted for more than 10 years.