Real property tax abatement for certain commercial properties.

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

(1) “Applicant” means the landlord or the tenant.

(2) “Benefit period” means the period commencing on the first day of the month immediately following the rent commencement date and terminating no later than 60 months thereafter.

(3) “Billed assessed value” means the lesser of the taxable transitional assessed value or the taxable actual assessed value of the eligible building and the land on which the eligible building is located for the fiscal year in which the benefit period commences.

(4) “Eligible building” means a non-residential or mixed-use building.

(5) “Eligible premises” means premises located in an eligible building which are occupied and used as an office (including ancillary uses) or retail space by a Qualified High Technology Company under a lease.

(6) “Landlord” means a person who controls all non-residential portions of an eligible building, including the record owner, the lessee under a ground lease, any mortgagee in possession, or any receiver, and grants the right to occupy and use eligible premises to a tenant; provided, that the landlord shall not include a lessee who, at any time during the lease term, has occupied and used any part of the non-residential portions of the eligible building, other than premises occupied and used by the lessee to provide rental management services to the building.

(7) “Mixed-use building” means a building used for both residential and non-residential purposes.

(8) “Qualified High Technology Company” shall have the same meaning as set forth in § 47-1317.01(4) .

(9) “Tenant” means a Qualified High Technology Company that executes a lease under which it occupies and uses eligible premises. The term ‘tenant’ shall include a subtenant if the subtenant is a Qualified High Technology Company.