Section 10-B6101. ELIGIBLE RETAIL DEVELOPMENT PROJECTS

 

6101.1Under the Act, a Retail Development Project is defined as the establishment of a business engaged in direct onsite retail sales to consumers. With respect to the Downtown Retail Priority Area, Retail Development Projects are limited to businesses that engage in sales of home furnishings, apparel, and general merchandise goods to specialized customers. Under the Act, liquor stores, nightclubs, hotels, restaurants, banks, pharmacies, phone stores and service retail outlets are businesses that do not qualify for inclusion in the Downtown Retail Priority Area.

 

6101.2Pursuant to the Act, bonds issued by the District of Columbia to provide financing for Retail Development Projects may be secured by available sales tax revenues (tax increment revenues) as well as the pledge of other assets of the District of Columbia and are to be used to fund the retail development costs of Retail Development Projects. The aggregate principal amount of Bonds that may be issued in the Downtown Retail Priority Area shall not exceed $30 million.

 

6101.3A Retail Development Project that has already received proceeds of bonds through another Tax Increment Financing (TIF) program, either directly or as part of a larger development project, is not eligible to be designated a TIF Area under the Act. Bonds shall not be issued with respect to any TIF Area until the TIF Area is open for business to the general public.

 

source

Final Rulemaking published at 51 DCR 9326 (October 1, 2004); as amended by Final Rulemaking published at 53 DCR 825 (February 10, 2006).