§ 1–308.03. Approval by the Council.

(a)(1) The issuance of Bonds, including the execution of the PILOT agreement and other financing agreements and documents, under 1-308.02(a)(1)(A) shall be subject to the approval of the Council. The Mayor shall transmit to the Council a proposed resolution to approve the issuance of Bonds, the maximum amount of the Bonds to be issued, and the PILOT agreement for a 60-day period of review, excluding Saturdays, Sundays, legal holidays, and days of Council recess. The proposed resolution shall include:

(A) The terms of the Bonds to be issued;

(B) The terms of the PILOT agreement, including a statement that the proposed form of the PILOT agreement has been transmitted to the Council;

(C)(i) The amount of the payments in lieu of taxes; and

(ii) The amount of the real property taxes which would be paid in the absence of the PILOT agreement if the proposed project (or projects) were completed;

(D) The public benefits to be derived from the project (or projects) to be financed by the Bonds and the likelihood that project (or projects) would be completed in the absence of the approval of the transaction;

(E) If a portion of the payments in lieu of taxes pursuant to the PILOT agreement may be used other than for the purpose of financing a project which qualifies under § 1-204.90, the public benefits to be derived from the use and the likelihood that project would be completed in the absence of the approval of the transaction;

(F)(i) Whether conventional, or alternative forms of, financing are available;

(ii) Whether best efforts have been made to secure conventional, or alternative forms of, financing; and

(iii) Why conventional, or alternative forms of, financing is impracticable or undesirable;

(G) If a project to be financed by the Bonds (which, for the purposes of this paragraph, shall include an ownership interest in property which will benefit from the project to be financed by the Bonds) or other use is to be funded or financed is to be operated or held for profit:

(i) Whether the District will have an ownership interest or profits participation; and

(ii) If the District will not have an ownership interest or profits participation, why an ownership interest or profits participation is impracticable or undesirable; and

(H) A financial analysis prepared by the Office of the Chief Financial Officer, which financial analysis shall consist of the following:

(i) A report delineating the amount of the payments in lieu of taxes, including the amount of the real property taxes which would be paid in the absence of the PILOT agreement, if the proposed project (or projects) were completed;

(ii) The effect of the PILOT Agreement on the total assessed value of real property subject to taxation under Chapter 8 of Title 47; and

(iii) The effect of the PILOT Agreement on the budget and financial plan.

(2) If the Council does not approve or disapprove the transaction within the 60-day review period, the proposed resolution shall be deemed disapproved.

(3) If the proposed terms of the transaction shall change in any material respect, including the terms of the proposed PILOT agreement which was transmitted to the Council, a new proposed resolution which complies with paragraph (1) of this subsection shall be submitted to the Council for approval in accordance with this section.

(b)(1) The execution of the PILOT agreement, and any related agreements and documents, pursuant to § 1-308.02(a)(1)(B) or (b) shall be subject to the approval of the Council by act.

(2) The act shall include the following findings:

(A) The terms of the PILOT agreement, including a statement that the proposed form of the PILOT agreement has been transmitted to the Council;

(B) The terms of any other agreement or document, or any subsidy or assistance which will be provided, in connection with the PILOT agreement or proposed use;

(C)(i) The amount of the payments in lieu of taxes; and

(ii) The amount of the real property taxes which would be paid in the absence of the PILOT agreement if the expenditures for the proposed use were made (and the proposed project (or projects) for which a subsidy or assistance will be received, if any, were completed);

(D) The public benefits to be derived from the proposed use (and any project (or projects) for which a subsidy or assistance will be received) and the likelihood that the proposed project would be completed (and the project (or projects) for which a subsidy or assistance will be received, if any, would be completed) in the absence of the approval of the transaction;

(E)(i) Whether best efforts have been made to secure other means of achieving the proposed use; and

(ii) Why the other means of achieving the proposed use is impracticable or undesirable;

(F) If a proposed use (which, for the purposes of this paragraph, shall an include an ownership interest in property which will benefit from the proposed use (or a project for which a subsidy or assistance will be received, if any)) is to be operated or held for profit:

(i) Whether the District will have an ownership interest or profits participation; and

(ii) If the District will not have an ownership interest or profits participation, why an ownership interest or profits participation is impracticable or undesirable; and

(G) A financial analysis prepared by the Office of the Chief Financial Officer, which financial analysis shall consist of the following:

(ii) The effect of the PILOT Agreement on the total assessed value of real property subject to taxation under Chapter 8 of Title 47; and

(iii) The effect of the PILOT Agreement on the budget and financial plan.

(3) If the proposed terms of the transaction shall change in any material respect, including the terms of the proposed PILOT agreement which was transmitted to the Council, a new act which complies with paragraph (1) of this subsection shall be required to approve the transaction in accordance with this section.