Section 10-B2131. FINANCIAL ASSISTANCE TO DISPLACED BUSINESSES

 

2131.1A qualified business shall be eligible for financial assistance in the form of either of the following:

 

(a)A lump-sum payment, where desired by the qualified business; Provided, that a such qualified business shall meet the requirements of §§2131.4 through 2131.9; or

 

(b)Rent subsidies and tenant work allowances to be used in the new buildings within sites sold by the Agency for redevelopment to the extent that these benefit programs and benefits are available; Provided, that a qualified business shall meet the requirements of §§2131.6 and 2131.7.

 

2131.2Qualified businesses shall be eligible for rent subsidies for a period of up to five (5) years in the new buildings on sites sold by the Agency for redevelopment.

 

2131.3Rent subsidies may be distributed on a graduated basis, with the rent subsidy decreasing by four dollars per square foot ($4/ft.2) each year the subsidy is applied.

 

2131.4The initial rent subsidy shall not exceed twenty dollars per square foot ($20/ft.2) lease space, except as provided for in §2131,12.

 

2131.5Tenant work allowances shall not exceed twenty dollars per rentable square foot ($20/ft.2) of retail space.

 

2131.6The rent subsidies specified in §2131.1 may be distributed if a qualified business demonstrates to the satisfaction of the Agency a showing of economic need.

 

2131.7Rent subsidies and tenant work allowances shall be distributed pursuant to an Agency-approved Leasing Opportunities Plan for sites sold by the Agency for redevelopment.

 

2131.8To qualify for financial assistance specified in §2131.1, the qualified business shall grant permission to the Agency to obtain, and shall make available, relevant financial and business information, such as business tax returns, that will allow the Agency to determine the characteristics and financial needs of the qualified business.

 

2131.9Only those businesses which have not exercised their benefits under 42 USCA 4601 et seq., prior to September 30, 1983, shall be eligible for a lump-sum payment.

 

2131.10The benefits specified in §2131.1 shall be in addition to those benefits provided under the Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970 (42 USCA 4601 et seq.).

 

2131.11Until Agency-owned site are sold for redevelopment, the Agency shall charge qualified retail businesses no more than eighty percent (80%) of the fair market rents (as defined in §2199), on a per square foot basis, for those sites.

 

2131.12The maximum initial per square foot rent subsidy available on a parcel shall be increased in the same ratio that the land price for that parcel increases in accordance with the contract of sale for the parcel.

 

source

Final Rulemaking published at 30 DCR 5055, 5057 (September 30, 1983).