PR 25-0334 — Walter Reed Development Assistance Emergency Declaration Resolution of 2023

_______________________________ENROLLED CouncilmemberORIGINAL Janeese Lewis George A PROPOSED RESOLUTION 325-234 ____________ 5 IN THE COUNCIL OF THE DISTRICT OF COLUMBIA 7July _______________11, 92023 To declare the existence of an emergency with respect to the need to amend the Walter Reed Development Omnibus Act of 2016 to provide that revenues received from the Developer as Initial Consideration Payments under the Walter Reed Land and Disposition Agreement (LDA) shall, after October 1, 2023, be deposited into the Walter Reed Reinvestment Fund and issued as a grant to the Developer to pay or reimburse certain costs of job creation and economic development of or related to the Walter Reed Redevelopment Site.

(a) In 2016, the District acquired the former site of the Walter Reed Army Medical Center from the U.S.United States Army for a below-market price of $20 million (paid over years), pursuant to an Economic Development Conveyance Agreement (“EDC Agreement”).

Army(b) forSimultaneously with the execution of the EDC Agreement, the District executed a below-marketLand priceDisposition Agreement (“LDA”) with TPWR Developer LLC, a joint venture of $20Hines millionWR (paidLLC, overUAD 2Walter years),Reed pursuantLLC to(Urban anAtlantic) Economicand Triden Development ConveyanceGroup, Agreement.LLC, as master developer (defined as the “Developer” in D.C.

(b) Simultaneously with the execution of the Economic Development Conveyance Agreement, the District executed a Land Disposition Agreement with TPWR Developer LLC, a joint venture of Hines WR LLC, UAD Walter Reed LLC (Urban Atlantic), and Triden Development Group, LLC, as master developer (defined as the “Developer” in D.C.

(c) Pursuant to the LandLDA, Disposition Agreement, the District transferred the Walter Reed site to the Developer for $25 million in Initial Consideration Payments, to be paid in installments over 7 years, and other financial and non-financial obligations.

(f) Extensive improvements to road and water/sewer infrastructure are necessary to construct Main Drive, NW, as an east-west route for pedestrians, bicyclists, and motorists, which will provide convenient access to Georgia Avenue for residents of the Abrams Hall affordable ENROLLED ORIGINAL veteran, senior, and senior assisted living apartments that have been constructed on the development site, and for families traveling to DCthe District of Columbia International School.

(h) Under the circumstances, the Council desires to direct the Initial Consideration Payments to the Walter Reed Reinvestment Fund established under D.C.section 6 of the Walter Reed Development Omnibus Act of 2016, effective May 18, 2016 (D.C.

OfficialLaw Code21-119; § 2-1227.04, and to provide financial assistance to the Developer in the form of grants in the amount of the remaining two installments of Initial Consideration Payments.

D.C.

Official Code § 2-1227.04), and to provide financial assistance to the Developer in the form of grants in the amount of the remaining 2 installments of Initial Consideration Payments.

The Council of the District of Columbia determines that the circumstances enumerated in section 2 constitute emergency circumstances making it necessary that the Walter Reed Development Assistance Emergency Amendment Act of 2023 be adopted after a single reading.