Incentive authorized.

The Mayor may submit proposed rules to the Council to establish credits that offset real property taxes and business franchise taxes in connection with the cleanup and redevelopment of a contaminated property. The proposed rules shall be submitted to the Council for a 45-day period of review, excluding Saturdays, Sundays, legal holidays, and days of Council recess. If the Council does not approve or disapprove the proposed rules, in whole or in part, by resolution within this 45-day review period, the proposed rules shall be deemed approved. Nothing in this section shall affect any requirements imposed upon the Mayor pursuant to subchapter I of Chapter 5 of Title 2. The aggregate of the credits given pursuant to this section may equal an amount up to 100% of costs for cleanup and shall not exceed 25% of costs for redevelopment of a contaminated property.