§ 12-1. Definitions.

(a) In general.

In this subtitle, the following terms have the meanings indicated.

(b) City-owned property.

"City-owned property" means any ownership interest held by the City in the applicable real property, including legal title to the property, whether in fee or as a leasehold interest, whether or not subject to a ground lease, and whether now owned or later acquired by the City.

(c) Enabling Law.

"Enabling Law" means § 7-501 of the State Tax-Property Article.

(d) Hotel facilities.

(1) In general.

"Hotel facilities" means any land and improvements thereon, or a portion thereof, that:

(i) is to be constructed for the use and operation as a hotel for short-term guest rentals; and

(ii) has a minimum investment of $50,000,000 of private capital.

(2) Inclusions.

"Hotel facilities" includes related meeting facilities, banquet facilities, dining facilities, associated public or private parking facilities, and other related service facilities.

(3) Exclusions.

"Hotel facilities" does not include any City-owned property that is used, in whole or part, for the conduct of gaming or gambling activities.

(e) PILOT.

"PILOT" means negotiated payments in lieu of taxes, as authorized by the Enabling Law.

(f) PILOT Agreement.

"PILOT Agreement" means an agreement providing for negotiated payments in lieu of taxes, as authorized by this subtitle.