All applications by an urban renewal entity for a long-term
tax exemption for a project shall be submitted to the Business Administrator
who shall forward it to the Office of Development in the Department
of Administration. The urban renewal entity must file its application
before proceeding with any project covered by the application. Amendments
may be submitted subsequent to the filing and additional applications
may be submitted by projects constructed in stages. An urban renewal
agency shall be deemed to have proceeded with a project when it or
its agents commence construction pursuant to the authorization granted
by a valid construction permit. The Office of Development shall review
all applications submitted pursuant to the Law. Incomplete applications
shall be returned to the urban renewal entity with notation of the
deficiencies. Any application returned in this manner shall be deemed
to have been rejected. The urban renewal entity may then resubmit
the application as is or as revised. The Office of Development shall
forward its comments to the Business Administrator who shall forward
comments and recommendations to this Council within 60 days of submission
or resubmission of the application.
All agreements prepared pursuant to the Law and this article
shall contain a provision requiring prompt payment of the service
charges due in lieu of tax. The agreement shall further provide that
interest and penalties on late payments of service charges shall be
computed in the same manner as interest and penalties are assessed
on late payment of real estate property taxes and that the failure
to pay any service charge within 90 days of its due date shall be
cause for termination of the agreement by resolution of this Council
in which case the exemption will cease and the property will be assessed
and taxed at normal rates effective from the final day of the period
the last payment was received.