Section 27-839. EQUITY AND DEVELOPMENT PARTICIPATION REQUIREMENTS

839.1 The Equity Participant(s) shall receive a return on investment in a Covered Project that is pari passu with all other sources of Sponsor Equity.

839.2 The Equity Participation shall be maintained for the duration of the Covered Project.  Culmination of the Covered Project shall be measure by the issuance of a certificate of occupancy, or multiple certificates of occupancies, as determined by the Department.

839.3 The Equity Participant(s) shall not bear financial or execution requirements that are disproportionate with its equity position in the Covered Project.

839.4 The Equity Participant(s) and/or Development Participant(s) shall have management control and approval rights in line with their equity position(s).

839.5 The Equity Participant(s) and/or Development Participant(s) shall be consistently included in representing the entity to the public (e.g., through joint naming, advertising, branding, and etc.).

 

 

authority

Section 2372 of the Small, Local, and Disadvantaged Business Enterprise Development and Assistance Act of 2005 (Act), effective October 20, 2005 (D.C. Law 16-33; D.C. Official Code § 2-218.72)(2009 Supp.) and Mayor’s Order 2009-58, dated April 15, 2009.

source

Final Rulemaking published at 39 DCR 9052 (December 4, 1992); as amended by Final Rulemaking published at 56 DCR 8439 (October 23, 2009), incorporating by reference text of Proposed Rulemaking published at 56 DCR 5622, 5650 (July 10, 2009).