Title
Payments in Lieu of Taxes Agreement with Forest Drive LIHTC, LLC - For the purpose of approving a Payment in Lieu of Taxes Agreement between the City of Annapolis and Forest Drive LIHTC, LLC, for the construction of affordable housing units in Annapolis, Maryland.
Body
CITY COUNCIL OF THE
City of Annapolis
Resolution 40-22
Introduced by: Mayor Buckley and Alderman Gay
Co-sponsored by:
A RESOLUTION concerning
Payments in Lieu of Property Taxes -- Forest Drive LIHTC, LLC
FOR the purpose of approving a Payment in Lieu of Taxes Agreement between the City of Annapolis and Forest Drive LIHTC, LLC, for the construction of affordable housing units in Annapolis, Maryland.
WHEREAS, the Owner is the contract purchaser of real property at 1701 Forest Drive, Annapolis, Maryland, known as The Willows at Forest Drive, and as more particularly described as Tax Account Numbers 6000-0631-6800, 6000-9010-2218, 6702-9009-9221, and 6702-9009-9222 (the "Property"); and
WHEREAS, the Owner intends to develop fifty-eight (58) dwelling units at the Property, fifty-eight (58) of which will operate as a qualified low-income housing units within the meaning of S 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") (the "Project"); 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 the Owner and City enter into a Payment in Lieu of Taxes agreement and certain criteria are met and maintained; and
WHEREAS, the parties are entering into this Agreement to allow for such purposes, which is authorized pursuant to Resolution No. R-40-22 of the City Council of the City of Annapolis.
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 CITY COUNCIL that this resolution shall take effect from the date of its passage.
EXPLANATION
CAPITAL LETTERS indicate matter added to existing law.
Strikethrough indicates matter stricken from existing law.
Underlining indicates amendments.