(a) There is established as a special assessment district the Southwest Waterfront Improvement Benefit District, which shall be comprised of the following geographic area:
(1) Approximately 23 acres of land area between the southern curb line of Maine Avenue, S.W., and the bulkhead paralleling the Washington Channel from the western edge of the Fish Market to the western curb of 6th Street, S.W., to the eastern edge of Lot 843, Square 473, the eastern edge of Lots 883, 884, and 885, Square 503, to the eastern edge of parcel 255/15, to the western edge of the P Street, S.W., right-of-way; and
(2) The riparian area and piers associated with the land described in paragraph (1) of this subsection, which includes:
(A) The Fish Market;
(B) The Capital Yacht Club;
(C) The Gangplank Marina; and
(D) Piers 4 and 5; provided, that the Southwest Waterfront Improvement Benefit District shall not include the SWW Development; provided further, that Lots 820, 842, and 844, Square 473 shall not be included in the Southwest Waterfront Improvement Benefit District unless the Master Developer acquires the ground lessee’s interest in those lots.
(b) The owners of lots within the Southwest Waterfront Improvement Benefit District shall derive a special benefit from the improvements financed by the bonds and the amount of this benefit is equal to or greater than the Maximum Special Assessment levied on the lots subject to the Special Assessment.
(c) Beginning with the 1st year Special Assessments, Special Assessments on all lots on which Special Assessments have been levied shall be collected pursuant to § 47-895.02 or may be collected only from the lots within a specific phase of the project to be improved or that has been improved, as determined by the Chief Financial Officer at the time of the issuance of any bonds.