To amend the Skyland Town Center Omnibus Act of 2014 to change the base year for the determination of Available Sales Tax Revenues and Available Real Property Tax Revenues.
BE IT ENACTED BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this act may be cited as the "Skyland Town Center Amendment Act of 2016".
Amend § 2-1217.35c
Sec. 2. Section 202(c) of the Skyland Town Center Omnibus Act of 2014, effective June 21, 2014 (D.C. Law 20-110; D.C. Official Code § 2-1217.35c(c)), is amended to read as follows:
"(c)(1) The base year for determination of Available Sales Tax Revenues from locations within the Skyland TIF Area shall be tax year 2016.
"(2) The base year for determining Available Real Property Tax Revenues shall be tax year 2016 and the initial assessed value to be used in making the determination of Available Real Property Tax Revenues shall be the assessed value of each lot of taxable real property in the Skyland TIF Area for tax year 2016.".
Sec. 3. Fiscal impact statement.
The Council adopts the fiscal impact statement in the committee report as the fiscal impact statement required by section 4a of the General Legislative Procedures Act of 1975, approved October 16, 2006 (120 Stat. 2038; D.C. Official Code § 1-301.47a).
Sec. 4. Effective date.
This act shall take effect following approval by the Mayor (or in the event of veto by the Mayor, action by the Council to override the veto), a 30-day period of congressional review as provided in section 602(c)(1) of the District of Columbia Home Rule Act, approved December 24, 1973 (87 Stat. 813; D.C. Official Code § 1-206.02(c)(1)), and publication in the District of Columbia Register.