1333 M Street, SE development project tax abatement.

# (a)

For the purposes of this section, the term:

# (1)

"Developer" means FRF Land Owner LLC, its successors, affiliates, and assigns.

# (2)

"Inclusionary Units" means a unit set aside for sale or rental to eligible households as required by the Inclusionary Zoning Program or established by an order approving a Planned Unit Development pursuant to Chapter 3 of Title 11-X of the District of Columbia Municipal Regulations.

# (3)

"Orders" means Z.C. Order No. 20-06, effective April 23, 2021, as amended and extended pursuant to Z.C. Order No. 20-06A, effective September 8, 2022, Z.C. Order No. 20-06B, effective April 7, 2023, and Z.C. Order No. 20-06C, effective April 28, 2023.

# (4)

"Project" means the Planned Unit Development ("PUD") approved by the Zoning Commission of the District of Columbia pursuant to the Orders.

# (5)

"Property" means the real property, including any improvements thereon, located at 1333 M Street, SE, known for tax assessment purposes as Lot 2, Square 1048, Suffix-S, or as the land for such lots may be subdivided into record lots, assessment and taxation lots, condominium lots, air rights lots, or any combination in the future.

# (b)

Subject to subsections (c) and (d) of this section, for the 15 consecutive tax years beginning on October 1, 2029, the Property shall be allowed an annual real property tax abatement equal to the amount of the real property taxes assessed and imposed by Chapter 8 of this title, in excess of any amount over $150,000 per year.

# (c)

The Property shall be eligible for the abatement authorized in subsection (b) of this section in each tax year that Mayor determines that the Developer has met the following conditions, consistent, as applicable, with the terms established under the Orders:

# (1)

To the extent constructed, the Developer has reserved a minimum of 12% of the residential gross floor area of the Project as inclusionary units for households earning equal to or less than 60% of the median family income ("MFI"), including 3 of the 6 two-bedroom inclusionary units in the East Tower for households earning equal to or less than 50% of the MFI;

# (2)

The Developer has constructed or is in the process of constructing each of the following public space improvements that provide benefits of special value to the neighborhood:

(A) A neighborhood greenway on Water Street, SE, between 12th and M Streets, SE;

(B) The Arrival Plaza, Waterfront Plaza, 14th Street Corridor Plaza, and Lower Retail Promenade;

(C) A reconstructed Anacostia Bicycle Trail on M Street, SE;

(D) A reconstructed Virginia Avenue, SE with bioretention facilities; and

(E) The installation of 52 short-term bicycle spaces in public space on M Street and Virginia Avenue, SE;

# (3)

The Developer has provided a one-time monetary contribution in the amount of $25,000 to the Department of Parks and Recreation to support the programming for seniors at the Arthur Capper Recreation Center; and

# (4)

The Developer has provided a one-time monetary contribution in the amount of $25,000 to the Seafarer's Yacht Club, located in Washington, DC to support the operations and preservation of the Yacht Club.

# (d)

# (1)

By October 31 of each tax year commencing on or after October 1, 2029, the Developer shall provide to the Mayor information with respect to each of the conditions provided in subsection (c) of this section sufficient to enable the Mayor to determine whether each such condition has been satisfied.

# (2)

By December 31 of the tax year, the Mayor shall determine whether the Property is eligible for the abatement provided in subsection (b) of this section for that tax year and shall so certify to the Office of Tax and Revenue ("OTR"). The Mayor's certification shall include:

(A) The Developer's taxpayer identification number;

(B) A description of the eligible Property, by street address and square, lot, parcel, or reservation number, including the number of floors, location, and square footage;

(C) A statement as to whether the Developer has satisfied the conditions enumerated in subsection (c) of this section; and

(D) Any other information that OTR considers necessary or appropriate.

# (3)

If at any time, the Mayor determines that the Property has become ineligible for the abatement provided pursuant to this section, the Mayor shall notify OTR of the Property's ineligibility and shall specify the date that the Property became ineligible.

# (e)

If the Property is eligible for the tax abatement provided pursuant to subsection (b) of this section, OTR shall process the abatement before the first semi-annual billing of the tax year.

# (f)

The real property tax abatement provided 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 Project or the Property.

# (g)

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

# (h)

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