Section 27-842. CHANGES IN EQUITY AND DEVELOPMENT PARTICIPATION

 

842.1 Once the selection of an Equity Participant or a Development Participant to participate in a Covered Project has been approved by the Department, there can be no change in the Equity Participant or Development Participant and no dilution of a participant’s Equity Participation or Development Participation without the express written consent of the Director. 

 

842.2 Once the Department has approved the determination of returns for Equity Participants in a Covered Project, the determination of returns for Equity Participants shall not be materially altered or adjusted from that previously presented to the Department without the Director’s express written consent. 

 

 

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, 5651 (July 10, 2009).