§ 2–1227.05. Walter Reed Reinvestment Fund.
*NOTE: This section includes amendments by emergency legislation that will expire on October 31, 2023. To view the text of this section after the expiration of all emergency and temporary legislation affecting this section, click this link: Permanent Version.*
(a) There is established as a special fund the Walter Reed Reinvestment Fund ("Fund"), which shall be administered by the Office of the Deputy Mayor for Planning and Economic Development and used solely for the purposes set forth in subsection (c) of this section.
(b) The Chief Financial Officer shall deposit into the Fund all proceeds from the sale, lease, or equivalent use of the Walter Reed Redevelopment Site, including the Administration Payments, except for:
(1) Proceeds that are used to pay the Army consideration due under the EDC Agreement; and
(2) Funds received from the Developer to reimburse the District for payments to the Army made pursuant to the EDC Agreement.
(b-1) Notwithstanding subsection (b)(2) of this section and § 1-328.13, funds received from the Developer after October 1, 2023, as an installment of Initial Consideration Payment under the Walter Reed Land and Disposition Agreement shall be deposited into the Fund and issued as a grant to the Developer to pay or reimburse costs it has incurred or will incur for the purposes set forth in subsection (c)(1) of this section.
(c) The Fund shall be used solely:
(1) To support job creation and economic development of, or related to, the Walter Reed Redevelopment Site, including to pay for:
(A) Road construction;
(B) Transportation management facilities;
(C) Storm and sanitary sewer construction;
(D) Police and fire protection facilities and other public facilities;
(E) Utility construction;
(F) Building rehabilitation;
(G) Historic property preservation;
(H) Pollution protection equipment or facilities;
(J) Disposal of hazardous materials and hazardous waste generated by demolition;
(K) Landscaping, grading, and other site or public improvements; and
(L) Planning for or the marketing of the redevelopment or use of the Walter Reed Redevelopment Site;
(2) For other purposes permitted by the EDC Agreement; and
(3) To make payments due to the Army required under the EDC Agreement during the first 7 years after the date the District acquires the Walter Reed Redevelopment Site from the Army and thereafter for the purposes stated in this section and the economic development goals or activities of the District.
(d) The Office of the Deputy Mayor for Planning and Economic Development shall have the authority to make grants from the Fund to recipients in furtherance of the purposes set forth in subsection (c) of this section
(e)(1) The money deposited into the Fund, and interest earned, shall not revert to the unrestricted fund balance of the General Fund of the District of Columbia at the end of a fiscal year, or at any other time.
(2) Subject to authorization in an approved budget and financial plan, any funds appropriated in the Fund shall be continually available without regard to fiscal year limitation.