MD SB756

Creates the Downtown RISE District in Baltimore City comprising Ward 4 (Precincts 1-3), Ward 22 (Precincts 1-2), and Ward 21 (Precinct 5), where qualifying economic development projects may receive full or partial property tax exemptions through payment in lieu of taxes (PILOT) agreements with the Baltimore City Board of Estimates.

Eligible projects include newly constructed or rehabilitated hotels, office buildings, retail facilities, multifamily residential buildings, or mixed-use developments within the district.

Requires the City of Baltimore or its designated agency to conduct an economic analysis of each project, including an assessment of the financial necessity for the tax exemption, before approval.

Project owners must apply for a PILOT agreement, obtain building permits, and satisfy or waive all financing conditions by June 30, 2036 to be eligible.

Mandates annual reporting to the Baltimore City Council President and Maryland General Assembly on each PILOT agreement, including jobs created, taxes generated directly and indirectly, and other economic benefits of completed projects.