(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.)
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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