(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;
(C) Employment to District of Columbia Public School students during the summer months when school is not in session;
(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.
(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).
(a) 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.
(b)(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.
(2) 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.
(3) 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.
(4) 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.
(c) In exchange for funding assistance under this section, a Qualified High Technology Company shall provide:
(1) Training courses to District of Columbia Public School teachers and administrators for the more efficient use of technology in the education process;
(2) Internships to District of Columbia Public School students throughout the calendar year;
(3) Employment to District of Columbia Public School students during the summer months when school is not in session;
(4) Technical support or expertise, including networking and maintaining computer systems and other related activities; or
(5) Any other assistance considered appropriate or acceptable by the Mayor.
(Apr. 3, 2001, D.C. Law 13-256, § 302, 48 DCR 730.)
HISTORICAL AND STATUTORY NOTES
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).
The expenditure of funds necessary to implement the provisions of §§ 2- 1221.01 and 2-1221.02 are subject to the availability of appropriations; provided, that any allocation of funds shall not be made in a manner that constitutes the lending of the public credit for private undertakings as contained in § 1-206.02.
(Apr. 3, 2001, D.C. Law 13-256, § 305, 48 DCR 730.)
HISTORICAL AND STATUTORY NOTES
Temporary Addition of Section
For temporary (225 day) additions of sections, see §§ 2 through 16 of the Retail Incentive Temporary Act of 2003 (D.C. Law 15-58, on December 9, 2003, law notification 51 DCR 1793).
Legislative History of Laws
For D.C. Law 13-256, see notes following § 2-1221.01.
