Section 10-B5800. SECURITY DEPOSIT ASSISTANCE

 

5800.1A Qualified High Technology Company may qualify for security deposit assistance to meet a security deposit required for a lease of real property to be used in the operations of that Qualified High Technology Company.

 

5800.2In order to qualify for security deposit assistance, a Qualified High Technology Company must demonstrate that it has, at the time of the filing of its application for security deposit assistance, at least:

 

(a)$500,000 in retained earnings;

 

(b)$500,000 in accounts receivables (with a 10% allowance for credit loss);

 

(c)$500,000 of equity investment; or

 

(d)$500,000 in liquid assets.

 

5800.3In lieu of the financial thresholds enumerated in section 5800.2, the Mayor may consider other evidence of financial resources available to the Qualified High Technology Company in determining whether to grant the requested security deposit assistance.

 

5800.4In order to qualify for security deposit assistance under this section, the Qualified High Technology Company must meet the requirements established in sections 5800.2 or 5800.3, unless the Mayor has waived the requirements.

 

5800.5The Mayor may waive any of the requirements set forth in these regulations pursuant to a written determination by the Mayor that the waiver:

 

(a)Does not conflict with the provisions of the New E-Conomy Transformation Act of 2000 (Act), effective April 3, 2001 (D.C. Law 13-256; D.C. Official Code sec. 47-1817.1 et seq.); and

 

(b)Furthers the purposes of the Act.

 

source

Final Rulemaking published at 49 DCR 7502(August 2, 2002).