Section 10-B2199. DEFINITIONS

 

2199.1When used in this chapter, the following terms and phrases shall have the meaning ascribed:

 

Actual rent - the commercial base rent actually paid by a qualified business, on a per square foot basis, in new buildings on a site in the Downtown Urban Renewal Area sold by the Agency.

 

Average annual net earnings - one-half (1/2) of any net earnings of the qualified business, before federal, state, and local income taxes, during the two (2) taxable years preceding the taxable year in which displacement takes place; Provided, that if the Agency determines that the two (2) year period specified is not equitable for establishing earnings, an alternate base period determined by the Agency to be most representative may be used. In determining the average annual net earnings, the Agency shall use federal, state, or local business tax returns as the basis.

 

Downtown Urban Renewal Area or project area - the area described in §200.10 and on Map No. 1 of the "Urban Renewal Plan For The Downtown Urban Renewal Area," as amended.

 

Fair market rents - the average of rents charged in the retail core of the Downtown Urban Renewal Area for similar space with similar amenities, leasing terms and conditions, and categories of use (retail or office), on a per square foot basis.

 

Lump-sum payment - an amount equal to the average annual net earnings of a qualified business, but not more than forty thousand dollars ($40,000). If a qualified business has more than one (1) facility, the average annual net earnings attributable to the facility located on Agency-owned property shall be the basis for determining the lump-sum payment.

 

Market rents - the commercial rents actually charged, on a per square foot basis, in new buildings on sites in the Downtown Urban Renewal Area sold by the Agency.

 

Net earnings - net profit (or loss) as recognized by the U.S. Internal Revenue Service plus salaries, wages, or other compensation paid by the qualified business to the owner, his or her spouse, or dependents.

 

Qualified business - any sole proprietorship, partnership, or corporation which, on or after the effective date of the Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970 (48 USCA 4601 et seq.) moves from real property, or moves his or her personal property from real property, as a result of acquisition of that real property, in whole or in part, or as the result of the written order of the Agency or District to vacate real property, for a program or project undertaken by the District or Agency within the District or federal financial assistance.

 

Rent subsidies - the difference between market rents and actual rents for lease space charged to qualified businesses.

 

Retail core - the retail core area defined on Map No. 2, General Land Use Plan, of the "Urban Renewal Plan For The Downtown Urban Renewal Area," as amended.

 

Tenant work allowances - those costs for preparing tenant space (such as interior plasterboard, walls, partitions, wiring, special lighting, plumbing, and flooring) within the leased space that would normally be paid for by a tenant of that space.

 

source

Final Rulemaking published at 30 DCR 5055, 5056 (September 30, 1983).