If the owner or lessee of real property in a
special taxing district established for a parking district, establish
pursuant to Article 23A, § 44 or § 44A, of the
Annotated Code of Maryland provides and maintains off-street parking
facilities or otherwise contributes to the cost of facilities that
comply with all of the requirements of the Prince George's County
Code and the Prince George's County Zoning Ordinance, the real property
and personal property shall be exempt from taxes levied under this
Chapter to the extent such facilities are provided and/or maintained.
There is hereby established a Parking Advisory
Committee whose function shall be to advise the City Manager with
regard to the establishment of districts, the costs of developing,
operating and maintaining the districts, the establishment of a budget
for the administration of the district, the establishment of policies
and regulations governing the district and the establishment of regulations
relating to tax exemptions and reductions.