- For purposes of this section, the term "sponsor" means a commercial real estate broker, landlord, venture capitalist, business incubator, technology company, commercial bank, investment banker, or a for-profit, nonprofit, or public-sector entity acting on behalf of a Qualified High Technology Company.
- (1) The Mayor may enter into one or more master leases of real property within the District of Columbia for the purpose of subleasing, directly or through a sponsor of a Qualified High Technology Company, the real property to a Qualified High Technology Company which is unable to secure financing for a facility on prevailing commercial terms.
- The Mayor may sublease the premises for a rent which, in his or her discretion, may be less than, but shall not exceed, the rental rate under the master lease. The term of a sublease shall be at least 12, but not greater than 36, months, including any option to extend the sublease.
- The master lease may be for all or part of a facility and shall provide that the District of Columbia shall have the unqualified right to sublease the space to a Qualified High Technology Company which is unable to secure financing for the facility, or a comparable facility, at commercially reasonable terms.
- The master lease shall provide that the District of Columbia is not liable in the event of a default by the lessor or other applicable party to the master lease under any financing or other agreement binding on the lessor or other party.
- In exchange for funding assistance under this section, a Qualified High Technology Company shall provide:
- Training courses to District of Columbia Public School teachers and administrators for the more efficient use of technology in the education process;
- Internships to District of Columbia Public School students throughout the calendar year;
- Employment to District of Columbia Public School students during the summer months when school is not in session;
- Technical support or expertise, including networking and maintaining computer systems and other related activities; or
- Any other assistance considered appropriate or acceptable by the Mayor.
Historical and Statutory
Legislative History of Laws
For D.C. Law 13-256, see notes following § 2-1221.01.
Delegation of Authority
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).
DC CODE § 2-1221.02
Current through December 11, 2012
(Apr. 3, 2001, D.C. Law 13-256, § 302, 48 DCR 730.)