§ 2–1217.02. TIF bond authorization and forward commitment.

(a) Pursuant to § 1-204.90, the Council authorizes the issuance of TIF bonds. The portions of real property tax increment revenues and the portions of the sales tax increment revenues that are declared to be dedicated pursuant to this subchapter, to the payment of debt service on TIF bonds, the provision and maintenance of reserves, and the payment of development costs, shall constitute tax increments as defined in § 1-204.90(n)(6).

(b) TIF bonds may be issued to finance development costs of eligible projects approved pursuant to this subchapter. Refunding bonds may be issued to refund bonds issued pursuant to this subchapter.

(c) The CFO is authorized to enter into such financing documents as may be necessary or appropriate for the issuance, security, and administration of the TIF bonds, investment of proceeds and moneys in the accounts provided for in, or pursuant to this subchapter, and the application of the proceeds of the TIF bonds and the moneys and investments in such accounts, and for the purposes provided in § 2-1217.07, including financing documents with development sponsors. The CFO is authorized to execute and deliver in the name of the District, and on its behalf, any financing documents and any closing documents to which the District is a party, including each trust agreement, trust indenture, secured loan agreement or other instrument entered into by the District pursuant to this subchapter.

(d) The requirements for a project to comply with the applicable eligibility requirements pursuant to § 2-1217.03 shall be set forth in an agreement between the District and the development sponsor. The agreement shall obligate the development sponsor to develop the specified eligible project.

(e) TIF bonds may qualify as tax-exempt enterprise zone facility bonds if the bonds satisfy the applicable requirements of the Internal Revenue Code of 1986, as amended, and applicable laws of the District.

(Sept. 11, 1998, D.C. Law 12-143, § 3, 45 DCR 3724; Oct. 20, 2005, D.C. Law 16-33, § 2012, 52 DCR 7503; Mar. 2, 2007, D.C. Law 16-192, § 2002, 53 DCR 6899; Aug. 16, 2008, D.C. Law 17-219, § 7018, 55 DCR 7598; Mar. 25, 2009, D.C. Law 17-353, § 134, 56 DCR 1117; Sept. 24, 2010, D.C. Law 18-223,§ 7192(a), 57 DCR 6242; Dec. 13, 2017, D.C. Law 22-33, § 7202(b), 64 DCR 7652.)

Prior Codifications

1981 Ed., § 1-2293.2.

Section References

This section is referenced in § 2-1217.05 and § 2-1217.12.

Effect of Amendments

D.C. Law 16-33, in subsec. (b), substituted “August 1, 2006” for “January 1, 2003”.

D.C. Law 16-192, in subsec. (b), substituted “$500 million; provided, that the aggregate amount of TIF bonds for projects in the Central Business District, as defined in Title 11 of the District of Columbia Municipal Regulations, shall not exceed $300 million” for “$300 million”, and substituted “January 1, 2008” for “January 1, 2003”.

D.C. Law 17-219, in subsec. (b), substituted “January 1, 2010” for “January 1, 2008”.

D.C. Law 17-353 validated a previously made technical correction in subsec. (b).

D.C. Law 18-223, in subsec. (b), substituted “January 1, 2014” for “January 1, 2010”.

Emergency Legislation

For temporary (90 days) amendment of this section, see § 7202(b) of Fiscal Year 2018 Budget Support Congressional Review Emergency Act of 2017 (D.C. Act 22-167, Oct. 24, 2017, 64 DCR 10802).

For temporary (90 days) amendment of this section, see § 7202(b) of Fiscal Year 2018 Budget Support Emergency Act of 2017 (D.C. Act 22-104, July 20, 2017, 64 DCR 7032).

For temporary addition of §§ 1-2293.1 to 1-2293.11 1981 Ed., see note to § 2-1217.01.

For temporary (90 day) amendment of section, see § 2 of Tax Increment Financing Reauthorization Emergency Act of 2002 (D.C. Act 14-593, January 7, 2003, 50 DCR 641).

For temporary (90 day) amendment of section, see § 2 of Tax Increment Financing Reauthorization Date Emergency Amendment Act of 2003 (D.C. Act 15-187, October 24, 2003, 50 DCR 9492).

For temporary (90 day) amendment of section, see § 2 of Tax Increment Financing Reauthorization Date Congressional Review Emergency Amendment Act of 2004 (D.C. Act 15-293, January 21, 2004, 51 DCR 1077).

For temporary (90 day) amendment of section, see § 2 of Tax Increment Financing Reauthorization Date Emergency Amendment Act of 2004 (D.C. Act 15-448, June 23, 2004, 51 DCR 6565).

For temporary (90 day) amendment of section, see § 2 of Tax Increment Financing Reauthorization Date Congressional Review Second Emergency Amendment Act of 2004 (D.C. Act 15-628, November 30, 2004, 52 DCR 1139).

For temporary (90 day) amendment of section, see §§ 2012, 2013 of Fiscal Year 2006 Budget Support Emergency Act of 2005 (D.C. Act 16-168, July 26, 2005, 52 DCR 7667).

For temporary (90 day) amendment of section, see § 2002 of Fiscal Year 2007 Budget Support Emergency Act of 2006 (D.C. Act 16-477, August 8, 2006, 53 DCR 7068).

For temporary (90 day) amendment of section, see § 2002 of Fiscal Year 2007 Budget Support Congressional Review Emergency Act of 2006 (D.C. Act 16-499, October 23, 2006, 53 DCR 8845).

For temporary (90 day) amendment of section, see § 2002 of Fiscal Year 2007 Budget Support Congressional Review Emergency Act of 2007 (D.C. Act 17-1, January 16, 2007, 54 DCR 1165).

For temporary (90 day) amendment of section, see § 7192 of Fiscal Year 2011 Budget Support Emergency Act of 2010 (D.C. Act 18-463, July 2, 2010, 57 DCR 6542).

Temporary Legislation

For temporary (225 day) amendment of section, see § 2 of the Tax Increment Financing Reauthorization Temporary Act of 2002 (D.C. Law 14-288, Apr. 4, 2003, law notification 50 DCR 5846).

For temporary (225 day) amendment of section, see § 2 of the Tax Increment Financing Reauthorization Date Temporary Act of 2003 (D.C. Law 15-77, Mar. 10, 2004, law notification 51 DCR 3369).

For temporary (225 day) amendment of section, see § 2 of the Tax Increment Financing Reauthorization Date Temporary Amendment Act of 2004 (D.C. Law 15-198, Dec. 7, 2004, law notification 52 DCR 442).

Short Title

Short title: Section 2001 of D.C. Law 16-192 provided that subtitle A of title II of the act may be cited as the “Retail Incentive and Tax Increment Financing Re-Authorization and Amendment Act of 2006”.

Short title: Section 7017 of D.C. Law 17-219 provided that subtitle H of title VII of the act may be cited as the “Tax Increment Financing Reauthorization Amendment Act of 2008”.

Short title: Section 7191 of D.C. Law 18-223 provided that subtitle T of title VII of the act may be cited as the “Extension of Tax Increment Financing Authority Amendment Act of 2010”.

Short title of subtitle B of title II of Law 16-33: Section 2011 of D.C. Law 16-33 provided that subtitle B of title II of the act may be cited as the Tax Incremental Financing Re-Authorization Act of 2005.

References in Text

The Internal Revenue Code of 1986, referred to in (e), is codified as Title 26 of the United States Code.

Editor's Notes

Section 2013 of D.C. Law 16-33 provided: “Sec. 2013. Applicability. Section 2012 shall apply as of January 1, 2003.”.

Section 7019 of D.C. Law 17-219 provided that this subtitle shall apply as of January 1, 2008.

Section 7192(b) of D.C. Law 18-223 provided: “This section shall apply as of January 1, 2010.”