(a) The Administration shall make annual payments in lieu of taxes to the Mayor and City Council of Baltimore for the properties known as “McComas-A2”, “DMT-Bendix”, “Seagirt-Parcel B”, and “Toyota-Md. Ship”.
(b) The payments required under this section shall be:
(1) For fiscal year 1998, $410,000 in aggregate amount;
(2) For fiscal year 1999, $418,200 in aggregate amount; and
(3) For fiscal year 2000 and each subsequent fiscal year, the product of multiplying the applicable Baltimore City real property tax rate times the assessment of the land as determined under Title 8 of the Tax - Property Article, not including the assessment of any improvements, for each of the properties.
(c) Payments under this section shall be subject to such terms and conditions, if any, as may be provided by agreement between the Administration and Baltimore City.
Structure Maryland Statutes
Subtitle 4 - Port of Baltimore
Section 6-401 - Transfer of Baltimore Port Facilities
Section 6-403 - Transfer of Specific Duties and Functions
Section 6-404 - Effect of Transfer of Mccomas Street Terminal or National Gypsum Company Pier
Section 6-405 - Transfer of Other Baltimore Property
Section 6-407 - Agreements Between Administration and Baltimore City
Section 6-408 - Transfer of Employees
Section 6-410 - Exercise of Powers of Baltimore City Not Impeded