The governing body of Frederick County and of a municipal corporation in Frederick County shall grant a property tax credit under this section against the county and municipal corporation property tax imposed on property that: is owned by the Frederick Optimist Boy’s Foundation, Incorporated; and is not under a lease or rented commercially. In paragraph (1) of this subsection, commercial renting does not include the operation of a parking lot. The governing body of Frederick County shall grant a property tax credit under this section against the county tax imposed on: real property that is owned by the Emmitsburg Civic Association, Incorporated; and real property on which an improvement is made to an existing structure that is located in a historic district. The governing body of Frederick County may provide, by law, for: the amount and duration of the tax credit under this subsection; additional eligibility criteria for the tax credit under this subsection; regulations and procedures for the application and uniform processing of requests for the tax credit; and any other provision necessary to carry out the credit under this subsection. The governing body of Frederick County may grant, by law, a property tax credit under this section against the county property tax imposed on: real property that is owned by Ruritan National; real property that is owned by any Ruritan club that is affiliated with Ruritan National; real property that is owned by a nonprofit community or civic association or corporation and is used only for: a community, civic, educational, or recreational purpose; or the conservation or preservation of wildlife; or real property owned by the Audubon Society of Central Maryland, Inc. and appurtenant to the premises of the Audubon Society of Central Maryland, Inc., if the property is used only for: the maintenance of a natural area for public use; a sanctuary for wildlife; the environmental education of the public; or the general management of wildlife. Unless the compensation is used only to improve or maintain the real property, the use of the real property under paragraph (1)(iii) of this subsection may not be contingent on the payment of compensation. Unless the compensation is used only to improve or maintain the real property, the real property under paragraph (1)(iii) of this subsection may not be granted a property tax credit if failure to pay compensation is a reason to deny admission to or use of the property. The governing body of Frederick County and of a municipal corporation in Frederick County may grant, by law, a property tax credit under this section against the county or municipal corporation property tax imposed on real property that is: leased to the governing body of Frederick County or to the Frederick County Board of Education; and used exclusively for public school educational purposes. The governing body of Frederick County and of a municipal corporation in Frederick County may grant, by law, a property tax credit under this section against the county or municipal corporation property tax imposed on real property that is: leased to a nonprofit school; and used exclusively for primary or secondary educational purposes. A taxpayer may apply for a property tax credit under this section on or before October 1 of the taxable year. In this subsection, “agricultural preservation land” means: real property subject to an easement or other interest that is permanently conveyed or assigned to preserve the agricultural use of the real property; or real property that the governing body of Frederick County has designated as being within an agricultural preservation district. The governing body of Frederick County may grant, by law, a property tax credit of up to 100% of any county property tax imposed on agricultural preservation land. The governing body of Frederick County may provide, by law, for any procedural or enforcement provisions necessary to carry out this subsection. Valuation and assessment of agricultural preservation land shall be made in the same manner as any other real property in the county. The governing body of Frederick County may grant, by law, a property tax credit under this section against the county property tax imposed on a building that is: located on land that qualifies for an agricultural use assessment; and used in connection with an activity that is recognized by the Department as an approved agricultural activity. The governing body of Frederick County: shall develop criteria necessary to implement the credit; shall designate an agency to administer the credit; and may specify: the amount and duration of the credit; the qualifications and application procedures for the credit; and any other requirement or procedure for granting or administration of the credit. In this subsection the following words have the meanings indicated. “Affiliate” means a person: that directly or indirectly owns at least 80% of a business entity; or at least 80% of which is owned, directly or indirectly, by a business entity. “Business entity” means a person conducting a trade or business in the State that is subject to the State individual or corporate income tax or insurance premiums tax. “Full–time position” means a position that: requires at least 1,800 hours of an individual’s time in a calendar year; and pays at least 150% of the federal minimum wage. “New or expanded premises” means commercial or industrial real property, including a building or part of a building that has not been previously occupied, where a business entity or its affiliates locate to conduct business. “New permanent full–time position” means a position that is: a full–time position of indefinite duration; located in Frederick County; newly created, as a result of the establishment or expansion of a business facility in the county; and filled. “New permanent full–time position” does not include a position that is: created when an employment function is shifted from an existing business facility of the business entity or its affiliates located in Frederick County to another business facility of the same business entity or its affiliates, if the position does not represent a net new job in the county; created through a change in ownership of a trade or business; created through a consolidation, merger, or restructuring of a business entity or its affiliates, if the position does not represent a net new job in the county; created when an employment function is contractually shifted from an existing business entity or its affiliates located in the county to another business entity or its affiliates, if the position does not represent a net new job in the county; or filled for a period of less than 12 months. The governing body of Frederick County may grant, by law, a property tax credit against the county property tax imposed on real property owned or leased by a business entity that meets the requirements specified for the tax credit under this subsection. To qualify for a property tax credit under this subsection, before a business entity obtains the new or expanded premises or hires employees to fill the new permanent full–time positions at the new or expanded premises, the business entity shall provide written notification to the governing body of Frederick County stating: that the business entity intends to claim the property tax credit; and when the business entity expects to obtain the new or expanded premises and hire the required number of employees in the new permanent full–time positions. To qualify for a property tax credit under this subsection, a business entity shall: obtain at least 2,500 square feet of new or expanded premises by purchasing newly constructed premises, constructing new premises, causing new premises to be constructed, or leasing previously unoccupied premises; and employ at least five individuals in new permanent full–time positions during a 24–month period, during which period the business entity also must obtain and occupy the new or expanded premises. Subject to subparagraph (ii) of this paragraph, if a business entity qualifies for the property tax credit under this subsection, the property tax credit shall equal a percentage of the amount of property tax imposed on the assessment of the new or expanded premises, as follows: 40% in the 1st and 2nd taxable years; 30% in the 3rd and 4th taxable years; 20% in the 5th and 6th taxable years; and 0% for each taxable year thereafter. A property tax credit under this subsection may not be granted until the first taxable year in which the county property tax imposed on real property owned or leased by the business entity increases due to the business entity’s qualifying investment in the new or expanded premises. The lessor of real property granted a property tax credit under this subsection shall reduce the amount of taxes for which a business entity is contractually liable under the lease agreement by the amount of any credit granted under this subsection for improvements made by the business entity. The governing body of Frederick County may provide, by law, for: any additional requirements for eligibility for a property tax credit authorized under this subsection; any additional limitations on eligibility for the credit; and any other provision appropriate to implement the credit. Except as provided under paragraph (2) of this subsection, a property tax credit granted under this section shall continue until the property is conveyed. A property tax credit granted under subsection (d), (e), or (g) of this section shall continue as long as the property is in compliance with the terms of that subsection.