American Academy of Achievement.

(a)

(1) Beginning on [February 26, 2015], the real property designated as Lot 0829 in Square 0182, known as the American Academy of Achievement building, together with any improvements and furnishings (“Property”) shall be exempt from all taxation; provided, that the Property is:

(A) Owned by the American Academy of Achievement, a nonprofit corporation;

(B) Used for the purposes and activities of the American Academy of Achievement; and

(C) Not used for any commercial purposes, except as provided in subsection (b) of this section.

(2) Use of the premises by agencies of the United States of America or by any organization exempt from federal income taxation shall not affect the exemption from taxation provided for in this section.

(b) Section 47-1005 shall apply with respect to the Property; provided, that a portion of the Property may be rented out to another person or entity as long as the rent or other income generated shall be used for the maintenance and preservation of the Property.