1.  For the purpose of any partial tax abatement which the Office is required or authorized to approve, the Office shall be deemed to have approved the partial tax abatement:

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(a) Upon approval by the Board for partial tax abatements with a projected value to a single entity of $500,000 or more; or

(b) Upon approval by the Executive Director for partial tax abatements with a projected value to a single entity of less than $500,000.

2.  For the purposes of this section, ‘projected value’ means the dollar value of the abatement requested by an entity plus the accumulated value of all tax abatements received by that entity for the immediately preceding 2 years.