Parkside Terrace development project — Tax exemptions.

(a) For the purposes of this section, the term:

(1) “Affordable rental housing project” means a housing development in which units are rented to occupying households with not more than 80% of area median income (adjusted for household size) for a rent not exceeding 30% of household income as such amounts are determined by the United States Department of Housing and Urban Development.

(2) “Developer Sponsor” means Parkside Terrace Development LLC, its successors and affiliates.

(3) “Parkside Terrace project” means the acquisition, development, construction, installation, and equipping, including the financing, refinancing, or reimbursing of costs incurred therefor, of the mixed-use apartment house and townhouse project located on the Parkside Terrace property, consisting of:

(A) A 12-story building expected to contain approximately 325 rental apartment and condominium units on the Parkside Terrace property;

(B) Approximately 30 townhouse units expected to be built on currently vacant land on the Parkside Terrace property; and

(C) Other ancillary improvements.

(4) “Parkside Terrace property” means the real property, including any improvements thereon, located in Square 5926, Lot 3 (or as the land for such lots may be subdivided into a record lot or lots or assessment and taxation lots in the future).

(b) The following conveyances with respect to the Parkside Terrace project shall be exempt from the tax imposed by §§ 42-1103 and 47-903 :

(1) Any conveyances to the developer sponsor; and

(2) Any conveyances from the developer sponsor to an entity for any portion of the Parkside Terrace project which is to be operated as an affordable rental housing project.

(c) The sales and rental of tangible personal property to be incorporated in or consumed in the Parkside Terrace project, whether or not the sale, rental, or nature of the material or tangible personal property is incorporated as a permanent part of the Parkside Terrace project or the Parkside Terrace property, shall be exempt from the tax imposed by § 47-2002 .

(d)

(1) The Parkside Terrace property shall be exempt from the tax imposed by Chapter 8 [of this title].

(2) The real property tax exemption granted by paragraph (1) of this subsection shall apply:

(A) To the portion of the Parkside Terrace property expected to be developed into an affordable rental housing project only so long as such portion of the property is operated as an affordable rental housing project; and

(B) To those portions of the Parkside Terrace property which are expected to be developed into for-sale condominium and townhouse units only until such portions of the property are transferred by the Developer Sponsor.

(e) The Parkside Terrace project shall be exempt from any public space permit fees imposed by § 47-2718 .

(f) The exemptions pursuant to subsections (c) and (d) 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 Parkside Terrace project or the Parkside Terrace property and shall not exceed, in the aggregate, $6 million.

(g) This section shall not prevent or restrict the Developer Sponsor from utilizing any other tax, development, or other economic incentives available to the Parkside Terrace project or the Parkside Terrace property.