§ [47-4684]. Tax Exemption for Parkside; Lots 866 and 868, Square 5056.

(a) Subject to subsection (b) of this section, the real property described as Lots 866 and 868 in Square 5056 shall be allowed an annual real property tax abatement equal to the amount of the real property taxes assessed and imposed pursuant to Chapter 8 of this title of up to a total maximum amount for each lot of $300,000 per year for 30 real property tax years commencing on October 1, 2029.

(b) For each of the lots subject to this section, the real property tax abatement shall expire and an abatement shall not be allowed if that lot has not been issued a final certificate of occupancy by September 30, 2029.

(c) The tax abatements and the exemptions from fees and deposits provided pursuant to this subsection shall be in addition to, and not in lieu of, any other tax relief or assistance from any other source applicable to the development of Lots 866 and 868, in Square 5056.