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District Of Columbia Council Bill PR25-0843

District Of Columbia 2023-2024 Regular Session

District Of Columbia Council Bill PR25-0843 Compare Versions

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11 1
2- ENROLLED ORIGINAL
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4+_______________________________ 1
5+Councilmember Janeese Lewis George 2
6+ 3
7+ 4
8+A PROPOSED RESOLUTION 5
9+________ 6
10+ 7
11+IN THE COUNCIL OF THE DISTRICT OF COLUMBIA 8
12+ 9
13+______________________ 10
14+ 11
15+ 12
16+To declare the existence of an emergency with respect to the need to amend the Walter Reed 13
17+Development Omnibus Act of 2016 to provide that revenues received from the 14
18+Developer as Initial Consideration Payments under the Walter Reed Land and 15
19+Disposition Agreement shall, after October 1, 2023, be deposited into the Walter Reed 16
20+Reinvestment Fund and issued as a grant to the Developer to pay or reimburse certain 17
21+costs of job creation and economic development of or related to the Walter Reed 18
22+Redevelopment Site. 19
23+ 20
24+ RESOLVED, BY THE COUNCIL DISTRICT OF COLUMBIA, That this resolution 21
25+may be cited as the “Walter Reed Development Assistance Emergency Declaration Resolution 22
26+of 2024”. 23
27+ Sec. 2. (a) On September 19, 2023, the Council unanimously passed the Walter Reed 24
28+Development Assistance Temporary Amendment Act of 2023, effective November 28, 2023 (D.C. 25
29+Act 25-0226; 70 DCR 013752), which is scheduled to expire on October 31, 2023. 26
30+(b) To avoid an imminent lapse in the law between the expiration of the temporary act and 27
31+the effective date of the permanent act, through the Fiscal Year 2025 Budget Support Act of 2024, 28
32+it is necessary to pass emergency legislation. 29
33+Sec. 3. The Council determines that the circumstances enumerated in section 2 constitute 30
34+emergency circumstances making it necessary that the Walter Reed Development Assistance 31
35+Congressional Review Emergency Amendment Act of 2024 be adopted after a single reading. 32 2
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7-
8-A RESOLUTION
9-
10-25-529
11-
12-IN THE COUNCIL OF THE DISTRICT OF COLUMBIA
13-
14-June 11, 2024
15-
16-
17-To declare the existence of an emergency with respect to the need to amend the Walter Reed
18-Development Omnibus Act of 2016 to provide that revenues received from the
19-Developer as Initial Consideration Payments under the Walter Reed Land and
20-Disposition Agreement shall, after October 1, 2023, be deposited into the Walter Reed
21-Reinvestment Fund and issued as a grant to the Developer to pay or reimburse certain
22-costs of job creation and economic development of or related to the Walter Reed
23-Redevelopment Site.
24-
25- RESOLVED, BY THE COUNCIL DISTRICT OF COLUMBIA, That this resolution
26-may be cited as the “Walter Reed Development Assistance Emergency Declaration Resolution
27-of 2024”.
28-
29- Sec. 2. (a) In 2016, the District acquired the former stie of the Walter Reed Army Medical
30-Center from the United States Army for a below-market price of $20 million (paid over 2 years),
31-pursuant to an Economic Development Conveyance Agreement (“EDC Agreement”).
32- (b) Simultaneously with the execution of the EDC Agreement, the District executed a Land
33-Disposition Agreement (“LDA”) with TPWR Developer LLC, a joint venture of Hines WR LLC,
34-UAD Walter Reed LLC (Urban Atlantic), and Triden Development Group, LLC, as master
35-developer (defined as the “Developer” in D.C. Official Code § 2-1227.01(6)).
36- (c) Pursuant to the LDA, the District transferred the Walter Reed site to the Developer for
37-$25 million in Initial Consideration Payments, to be paid in installments over 7 years, and other
38-financial and non-financial obligations.
39- (d) The original master development budget has experienced significant deviations driven
40-by a combination of historic cost escalations, depressed vertical component land values following
41-the Covid-19 pandemic and interest rate increases, and increased public infrastructure scope
42-requirements.
43- (e) To fully fund the revised master development budget and continue timely construction
44-of the remaining critical project infrastructure, the Developer is seeking financial assistance from
45-the District and additional private financing from other sources.
46- (f) Extensive improvements to road and water/sewer infrastructure are necessary to
47-construct Main Drive, NW, as an east-west route for pedestrians, bicyclists, and motorists, which
48-will provide convenient access to Georgia Avenue for residents of the Abrams Hall affordable 2
49- ENROLLED ORIGINAL
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55-veteran, senior, and senior assisted living apartments that have been constructed on the
56-development site, and for families traveling to the District of Columbia International School.
57-Completion of Main Drive, NW, will also mitigate the development’s traffic impacts on neighbors
58-in Brightwood and Shephard Park.
59- (g) In addition, critical north-south connections to and through the development stie remain
60-to be completed.
61- (h) Under the circumstances, the Council desires to direct the Initial Consideration
62-Payments to the Walter Reed Reinvestment Fund established under section 6 of the Walter Reed
63-Development Omnibus Act of 2016, effective May 18, 2016 (D.C. Law 21-119; D.C. Official Code
64-§ 2-1227.04), and to provide financial assistance to the Developer in the form of grants in the
65-amount of the remaining 2 installments of Initial Consideration Payments.
66-
67- Sec. 3. The Council determines that the circumstances enumerated in section 2 constitute
68-emergency circumstances making it necessary that the Walter Reed Development Assistance
69-Emergency Amendment Act of 2024 be adopted after a single reading.
70-
71- Sec. 4. This resolution shall take effect immediately.
38+Sec. 4. This resolution shall take effect immediately. 33