§7–504.4.

    (a)    (1)    In this section the following words have the meanings indicated.

        (2)    “Hippodrome Performing Arts Center facility” means the Hippodrome Performing Arts facility as defined in § 10–601 of the Economic Development Article.

        (3)    “Hippodrome Performing Arts Center site” means the Hippodrome Performing Arts site as defined in § 10–601 of the Economic Development Article.

    (b)    The Hippodrome Performing Arts Center site and the Hippodrome Performing Arts Center facility are subject to property taxes unless:

        (1)    such properties are used principally as a performing arts center; and

        (2)    the owner of such properties and the Baltimore City Board of Estimates agree on a payment that the owner shall make to Baltimore City in lieu of Baltimore City real property taxes.