§ 47–4626. Randall School development project tax exemption.
(a) The Property, known as the Randall School development project, owned by the Trustees of the Corcoran Gallery of Art, a nonprofit corporation, shall be exempt from the tax imposed by Chapter 8 of this title, beginning October 1, 2008, for so long as the Trustees of the Corcoran Gallery of Art, or qualified successor, own the real property; provided, that the exemption provided by this section shall cease upon the commencement of the abatement provided under § 47-4626.01. The exemption provided by 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 Randall School development project.
(b) For the purposes of this section, the term:
(1) "Property" means the real property described as Lot 801, Square 643, Suffix S and any improvements on that real property.
(2) "Qualified successor" means an entity that develops, or transfers for development, the Property pursuant to § 47-4626.01.