Source: https://development.code.dccouncil.us/dc/council/code/sections/2-1221.01.html
Timestamp: 2019-04-21 18:43:30+00:00

Document:
D.C. Law Library - § 2–1221.01. Security deposit assistance.
↪ Subchapter XI. Assistance for Qualified High Technology Companies.
↪ § 2–1221.01. Security deposit assistance.
Subchapter XI. Assistance for Qualified High Technology Companies.
§ 2–1221.02. Master lease program.
§ 2–1221.01. Security deposit assistance.
(a)(1) The Mayor shall establish a program to provide funding assistance for the security deposit required for a lease of real property for operations of a Qualified High Technology Company, as defined in § 47-1817.01(5).
(B) If the Mayor determines that there exists a reasonable expectation that the Qualified High Technology Company will not perform the covenants and conditions of the lease.
(E) Any other assistance considered appropriate or acceptable by the Mayor.
(4) The Mayor shall, at 6-month intervals following the commencement of the program, report to the Council on the terms and results of the program, including any agreement entered into under subsection (b) of this section, as of the date of each report.
(b) To implement the program described in subsection (a) of this section, the Mayor may enter into an agreement with a Qualified High Technology Company, commercial real estate broker, landlord, venture capitalist, business incubator, technology company, commercial bank, investment banker, or a for-profit, nonprofit, or public-sector entity, in connection with the provision of a security deposit for real property and equipment by, or on behalf of, a Qualified High Technology Company. The agreement shall state the total cost to the District of Columbia and the proportion which the cost to the District of Columbia bears to the total cost of the agreement. The Mayor shall make reasonable provision to ensure repayment to the District of Columbia of all amounts provided as assistance under this section. The Mayor may accept, in exchange for the District of Columbia’s participation in any such agreements, warrants, options, equity, preferred shares, or convertible debt of the applicable Qualified High Technology Company, or other consideration.
For temporary (90 day) amendment of section, see § 2 of the Gallery Place Economic Development Emergency Amendment Act of 2000 (D.C. Act 13-500, January 5, 2001, 48 DCR 562).
Delegation of Authority Pursuant to D.C. Law 13-256, the “New E-Conomy Transformation Act of 2000”, see Mayor’s Order 2001-170, November 16, 2001 ( 48 DCR 10798).

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