§ 2-1221.01. Security deposit assistance.

Current through October 23, 2012

(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).

(2) No funding assistance shall be provided under this section if:

(A) Other financial assistance meeting the requirements of the applicant is available on reasonable terms; or

(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.

(3) In exchange for funding assistance under this section, a Qualified High Technology Company shall provide:

(A) Training courses to District of Columbia Public School teachers and administrators for the more efficient use of technology in the education process;

(B) Internships to District of Columbia Public School students throughout the calendar year;

(D) Technical support or expertise, including networking and maintaining computer systems and other related activities; or

(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.

                
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(Apr. 3, 2001, D.C. Law 13-256, § 301, 48 DCR 730.)

HISTORICAL AND STATUTORY NOTES

Emergency Act Amendments

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).

Legislative History of Laws

Law 13-256, the "New E-Conomy Transformation Act of 2000", was introduced in Council and assigned Bill No. 13-752, which was referred to the Committee on Finance and Revenue. The Bill was adopted on first and second readings on November 8, 2000, and December 5, 2000, respectively. Signed by the Mayor on December 5, 2001, it was assigned Act No. 13-543 and transmitted to Both Houses of Congress for its review. D.C. Law 13-256 became effective on April 3, 2001.

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).