Title
Payment in Lieu of Property Taxes - Towne Courts, LLC - For the purpose of approving a Payment in Lieu of Taxes Agreement between the City of Annapolis and Towne Courts, LLC, for construction of affordable housing units in Annapolis, Maryland.
Body
CITY COUNCIL OF THE
City of Annapolis
Resolution 39-19
Introduced by: Mayor Buckley, Alderwoman Pindell Charles,
and Alderman Paone
Referred to
A RESOLUTION concerning
Payment in Lieu of Property Taxes - Towne Courts, LLC
FOR the purpose of approving a Payment in Lieu of Taxes Agreement between the City of Annapolis and Towne Courts, LLC, for construction of affordable housing units in Annapolis, Maryland.
WHEREAS, the Owner is fee simple owner of real property at 2010 West Street, Annapolis, Maryland 21401, known as Towne Courts, and as more particularly described in a deed dated April 2, 2019, and recorded among the land records of Anne Arundel County, Maryland in liber 33038, page 180 (the "Property"); and
WHEREAS, the Owner intends to develop forty-two (42) dwelling units at the Property, thirty-seven (37) of which will operate as a qualified low-income housing units within the meaning of ? 42(g)(1)(B) of the Internal Revenue Code of 1986 (26 U.S.C. ?42), as may be amended (collectively, "26 U.S.C. ?42"); and
WHEREAS, the City is seeking to assist the Owner in providing habitable and affordable housing at the Property; and
WHEREAS, under the Annotated Code of Maryland, subsidized housing for low- and moderate-income persons is exempted from real property taxes levied or imposed by a county or municipal corporation if Owner and City enter into a Payment in Lieu of Taxes Agreement and certain criteria are met and maintained.
NOW, THEREFORE,
BE IT RESOLVED BY THE ANNAPOLIS CITY COUNCIL that the attached Payment in Lieu of Property Taxes Agreement between the City of Annapolis and Towne Courts, LLC is incorporated herein and hereby approved.
AND BE IT FURTHER RESOLVED BY THE ANNAPOLIS C...
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