View 14 Project tax exemption.

# (a)

For the purposes of this section, the term:

# (1)

“Developer” means L2CP, LLC, its successors, affiliates, and assigns.

# (2)

“View 14 Project” means the acquisition, development, construction, installation, and equipping, including the financing, refinancing, or reimbursing of costs incurred of the mixed-use, multifamily residential and retail project under construction on the east side of 14th Street, N.W., between Florida Avenue and Belmont Street, to consist of:

(A) One hundred and eighty-five units of condominium/apartment house use totaling approximately 173,765 square feet of floor area, including a minimum of 6,000 square feet devoted to affordable housing for residents with an income that is no greater than 80% of the metropolitan Washington D.C. area media [median] income;

(B) Approximately 13,903 square feet of retail space; and

(C) A below-grade parking garage.

# (3)

“View 14 Property” means the real property, including any improvements constructed thereon, described as Lot 155, Square 2868, as recorded on Page 68 of Book 201 in the Office of the Surveyor for the District of Columbia (or as the land for such lots may be subdivided into a record lot or lots or assessment and taxation lots, condominium lots, air rights lots, or any combination in the future).

# (b)

# (1)

The View 14 Property shall be exempt from real property taxation under Chapter 8 of this title for 20 consecutive years, 10 years at 100% and a 10% increase in years 11 through 20 until the annual real property taxation equals 100%.

# (2)

The View 14 Project shall be exempt from the tax imposed by Chapter 20 of this title on materials used directly for construction of the View 14 Project, which are incorporated into and become a part of the real property.

# (3)

The tax exemptions granted by paragraphs (1) and (2) of this subsection shall not exceed, in the aggregate, $5.7 million.

# (c)

The tax exemptions pursuant to subsection (b) of this section shall be in addition to, and not in lieu of, any other tax relief or assistance from any other source applicable to the View 14 Project, the View 14 Property, or the developer.

# (d)

This section shall not prevent or restrict the developer from utilizing any other tax, development or other economic incentives available to the View 14 Project, the View 14 Property, or the developer.

# (e)

Nothing in this section shall be construed to limit the owner of the View 14 Property from appealing or contesting its real estate tax assessment.