District Of Columbia § 10-1202.23 - Lease authority for the Authority.
Full text of District Of Columbia D.C. Code § 10-1202.23 — Lease authority for the Authority., with citation guidance and answers to common questions.
§ 10-1202.23. Lease authority for the Authority.
10-1202.23Notwithstanding any other provision of law, the Authority may lease to Marriott International, Inc., or its designee, the real property described as a portion of Lot 26 (formerly known as Lots 22 and 24), Square 370, on the following terms and conditions:
The lease term shall be 99 years, with lease payments beginning on the earlier of:
The commencement of the 4th year of operation of the New Convention Center Hotel; or
October 1, 2014; provided, that this date may be extended as mutually agreed by the parties.
Annual lease payments shall be in an amount to be negotiated by the parties; provided, that the present value of the lease payments during the lease term discounted at 6% shall equal at least $31.5 million.
A right of first refusal and an option to acquire the Authority’s fee interest in the real property during the lease term.
The Authority may convey to lessee its fee simple interest to the improvements located on the lots for lessee to own during the lease term.
Lease payments shall be payable from cash available after payment of the developer’s debt service on a loan for the new convention center hotel.
The lease may be subordinated to a leasehold mortgage securing development financing for the developer and may permit the issuance of a new lease upon foreclosure on the same terms and conditions as the prior lease.
Annotations
Source: official District Of Columbia text · Last verified 2026-08-27
Frequently Asked Questions About District Of Columbia § 10-1202.23
What does D.C. Code § 10-1202.23 cover?
Section 10-1202.23 ("Lease authority for the Authority.") is part of the D.C. Code, the codified statutory law of District Of Columbia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite District Of Columbia § 10-1202.23?
A common citation format is "D.C. Code § 10-1202.23" (District Of Columbia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of District Of Columbia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the District Of Columbia official source linked on this page or consult a licensed District Of Columbia attorney.
How does District Of Columbia § 10-1202.23 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in District Of Columbia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in District Of Columbia.