B 23-0330 — Children's Hospital Research and Innovation Campus Phase 1 Temporary Amendment Act of 2019

ENGROSSEDENROLLED ORIGINAL AAN BILLACT 3____________ 23-330 5 IN THE COUNCIL OF DISTRICT OF COLUMBIA _________________ 8 To amend, on a temporary basis, Chapter 10 of Title 47 of the District of Columbia Official Code to provide a real property tax exemption to the properties on Square 2950, Lots 824 and 826.

“(a) Only that portion of real property currently described for assessment and taxation purposes as Square 2950, Lot 808808, which is to be subdivided in part into Square 2950, Lots 824 and 826826, effective for tax year 2020, and the buildings located thereon (“Property”), owned by Children’s National at Walter Reed, LLC, a wholly-owned subsidiary of Children’s Hospital, a District of Columbia nonprofit corporation, shall remain exempt from real property taxation to the extent the propertyProperty is validly exempt as of the day priorbefore tothe date any leaseslease beingis granted to certain business entities known as Building 52/53 NMTC Borrower, LLC, and Building 54 NMTC Borrower, LLC (controlled directly or indirectly by Children’s Hospital)Hospital), toand receivefor the federalperiod ENGROSSEDduring ORIGINALwhich the Property is eligible to receive federal tax benefits, including New Markets Tax Credits under 26 U.S.C.

“(b) Any transfer, assignment, or other disposition of all or any portion of the Property, including an assignment of leasehold interest in the Property or a sublease of the Property, between Children’s National at Walter Reed, LLCLLC, and Children’s Hospital, or any business entity controlled directly or indirectly by Children’s Hospital, or a security interest instrument, ENROLLED ORIGINAL including a deed of trust, secured by the Property or any interest therein, shall be exempt from the tax imposed by §§§ 42-1103 and § 47-903.”.

(a) This act shall take effect following approval by the Mayor (or in the event of veto by the Mayor, action by the Council to override the veto), a 30-day period of congressional review as provided in section 602(c)(1) of the District of Columbia Home Rule Act, approved December ENGROSSED ORIGINAL 24, 1973 (87 Stat.

______________________________ Chairman Council of the District of Columbia _________________________________ Mayor District of Columbia 2