§ 2–1217.40c. Creation of the Reunion Square TIF Area.

(a) There is created a TIF area designated as the Reunion Square TIF Area. The Reunion Square TIF Area is defined as: Lots 827, 829, 984, 1017, and 1020 in Square 5772; Lot 1018 in Square 5783; and Lots 899, 900, and 1101 in Square 5784.

(b) As provided under § 2-1217.40b, the Available Tax Increment from the Reunion Square TIF Area shall be deposited in the Reunion Square TIF Fund and may be used for the purposes set forth in § 2-1217.40b.

(c)(1) The base year for determination of Available Sales Tax Revenues from locations within the Reunion Square TIF Area shall be the tax year preceding the year in which this subpart becomes effective.

(2) The base amount for determination of Available Real Property Tax Revenues shall be:

(A) $121,881 in base year 2020;

(B) $121,881 in base year 2021;

(C) $121,881 in base year 2022;

(D) $129,193 in base year 2023;

(E) $136,945 in base year 2024; and

(F) $141,738 in base year 2025 and each base year thereafter.

(d) The Reunion Square Street TIF Area shall terminate on the earlier of:

(1) Twenty-five years after the issuance of the last Bonds issued pursuant to this subpart;

(2) The date on which the Bonds are paid in full or are defeased and are no longer outstanding; or

(3) September 30, 2025 if no Bonds are issued.