§ 12-4. PILOT Agreements authorized.

(a) In general.

The City is authorized to negotiate a PILOT Agreement in connection with any lease after January 1, 1998, of any City-owned property within any urban renewal area for use as hotel facilities.

(b) Limitations.

(1) However, the economic terms to be incorporated into any PILOT Agreement must be approved by an Ordinance of the Mayor and City Council before the Board of Estimates gives final approval to the PILOT Agreement.

(2) Each PILOT Agreement:

(i) shall conform to the economic terms approved by an Ordinance of the Mayor and City Council; and

(ii) shall contain any additional terms that the Board of Estimates deems reasonably necessary to accomplish the purposes of this subtitle, taking into account the specific needs of the particular hotel facility.

(3) All PILOT Agreements executed pursuant to this subtitle must provide that the PILOT Agreement will terminate immediately if the property is no longer used as a hotel facility.