The governing body of a county or municipal corporation may grant, by law, a real 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. The eligible assessment is that difference in value, attributable to the qualified renovations, between the first revaluation of the building after the completion of the renovations and the value existing in the records of the Department of Assessments and Taxation as of the January 1 before the commencement of the renovations. If less than the entire building is used by a qualifying residing artist or an arts and entertainment enterprise, the credit is available only for the portion of the building used by a qualifying residing artist or an arts and entertainment enterprise.