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District of Columbia Code Division I. Government of District. § 10-1202.22. Lease authority for the Mayor.

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) Notwithstanding any other provision of law, the Mayor may grant a lease to Marriott International, Inc., or its designee, of the real property described as a portion of Lot 26 (formerly known as Lots 18, 21, 801 through 806, 830 through 839, 843, and 845), Square 370, including all public alleys to be closed within these lots, on the following terms and conditions:

(1) The lease term shall be 99 years, with lease payments beginning on the 3rd anniversary of operations; provided, that the commencement of the lease payments may be extended as mutually agreed by the parties.

(2) Annual lease payments shall be in an amount to be negotiated by the parties; provided, that the present value of the lease payments during the lease term discounted at 6% shall equal at least $70.2 million.

(3) Repealed.

(4) Lease payments shall be payable from cash available after the developer's debt service payments on debt financing as permitted under the Hotel Development and Funding Agreement and lease.

(5) A right of first refusal and an option to acquire the District's fee interest in the real property during the lease term.

(6) The lease may be subordinated to a leasehold mortgage securing development financing for the developer and may permit the issuance of a new lease upon foreclosure on the same terms and conditions as the prior lease.

(b) Notwithstanding any other provision of law, the Mayor may assign the annual lease payments required by subsection (a) of this section to the Authority.

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Cite this article: FindLaw.com - District of Columbia Code Division I. Government of District. § 10-1202.22. Lease authority for the Mayor. - last updated January 01, 2024 | https://codes.findlaw.com/dc/division-i-government-of-district/dc-code-sect-10-1202-22/

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