Reservoir District Tax Exemption Amendment Act of 2025

This bill creates a 20-year real property tax exemption for specific parcels (Lots 809, 810, 814, 815 in Square 3128) owned by McMillan Parcel 2 Owner, LLC and McMillan Parcel 4 Owner, LLC. It requires the property owner to operate 449 housing units, with one-third designated as affordable for households earning 80% of the Area Median Income, and to contract with certified business enterprises for at least 35% of construction spending. The exemption begins October 1, 2029, but is reduced proportionally if the owner fails to meet these housing or contracting requirements. The tax break applies in addition to other existing tax relief for the property.