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A BILL IN THE COUNCIL OF THE DISTRICT OF COLUMBIA
To amend, on a temporary basis, An Act authorizing the sale of certain real estate in the District of Columbia no longer required for public purposes to extend the time in which the Mayor may dispose of the Golden Rule Plaza site in Ward 2 approved for disposition by the Council as surplus.
BE IT ENACTED BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this act may be cited as the "Disposal of District Owned Surplus Real Property Temporary Amendment Act of 1999".
Sec. 2. Section 1 of An Act authorizing the sale of certain real estate in the District of Columbia no longer required for public purposes, approved August 5, 1939 (53 Stat. 1211; D.C. 20 Code §9-401), is amended by adding a new subsection (d-2) to read as follows:
Sec. 3. This act will have a positive fiscal impact. The property was acquired by the District government in connection with the construction of interstate highway I-395 utilizing 90/10 matching federal funds supplied by the Federal Highway Administration ("FHWA"). Now that the property is not needed for highway purposes, FHWA requires that the District of Columbia pay 90% of the property's fair market value and in March 1990, the FHWA required the District to post a $500,000 credit toward reimbursement of that amount. Upon approval of the transfer of the property to Golden Rule Plaza. Inc., the Department of Transportation decided to accept the $500,000 previously paid by the District government as payment in full for the property and to exercise its discretion to transfer the land directly to Golden Rule Plaza, Inc.
Accordingly, the proposed disposition will relieve the District of Columbia of its responsibility for a payment of 90% of the property's current value (estimated at $2.5 million). In addition, the project will involve $9.5 million of bonds issued by the Housing Finance Agency as part of its financing package. The District will not receive any funds for the subject property from Golden Rule Plaza, Inc.; the District will, however, benefit from the housing, approximately 100 construction jobs, and the additional 25 to 30 jobs involved in the operation of the 127 unit senior citizen apartment building. The federal government has determined that Golden Rule Plaza, Inc., a non-profit organization, does not have to pay because the proposed 127-unit housing project is deemed to be beneficial to the public interest.
Sec. 4. (a) This act shall take effect following approval by the Mayor (or in the event of veto by the Mayor, action by the Council to override the veto), approval by the Financial Responsibility and Management Assistance Authority as provided in section 203(a) of the District of Columbia Financial Responsibility and Management Assistance Act of 1995, approved April 17, 1995 (109 Stat. 116; D.C. Code §47-392.3(a)), a 30-day period of Congressional review as provided in section 602(c)(1) of the District of Columbia Home Rule Act, approved December 24, 1973 (87 Stat. 813; D.C. Code §1-233(c)(1)), and publication in the District of Columbia Register.
(b) This act shall expire after 225 days of its having taken effect.
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