D.C. Code § 10-1605.05: Conditions for the issuance of bonds and the expenditure of bond proceeds.

(a)

No bonds may be issued pursuant to this part or the proceeds of those bonds expended, unless the following conditions have been met:

(1)

The Transaction Documents shall include terms imposing the following requirements:

(A)

Subject to capital reserves described in any capital improvements plan with respect to the Parking Facilities, the District shall have the right to all Net Parking Revenues arising from or related to the use, occupancy, or operation of the Parking Facilities other than during Stadium Event Days;

(B)

The Developer and the District shall enter into at least one parking operations agreement regarding operations of the Parking Facilities, including a capital improvements plan;

(C)

The Developer shall locate a Team sales office, with senior leadership, in the District by a date set forth in the Transaction Documents;

(D)

The Developer shall:

(i)

Construct the Stadium using methods and materials in a manner feasibly consistent with the objective of Version 5 LEED Platinum level for New Construction and Major Renovations ("LEED: BD+C v5"), as defined by the U.S. Green Building Council;

(ii)

Maintain the Stadium in a manner feasibly consistent with the objective of Version 5 LEED Platinum level for Operations and Maintenance ("LEED: O+M v5"), as defined by the U.S. Green Building Council;

(iii)

Construct, or cause to be constructed, the Commercial Development, as defined in the Term Sheet, other than any residential development within the Commercial Development, in a manner feasibly consistent with the objective of Version 5 LEED Gold level for New Construction and Major Renovations ("LEED: BD+C v5"), as defined by the U.S. Green Building Council; and

(iv)

Construct, or cause to be constructed, the residential development within the Commercial Development in a manner feasibly consistent with the objective of Version 5 LEED Silver level for New Construction and Major Renovations ("LEED: BD+C v5"), as defined by the U.S. Green Building Council;

(E)

The Developer shall enter into CBE, Apprenticeship, and First Source Agreements with the District that reflect the requirements set forth at § 10-1605.04; and

(F)

If the Developer fails to complete construction of the required amount of square footage of a stage of development by the outside completion date, all as set forth in the development milestone chart set forth in subsection (b) of this section, then the year in which the rent payable under the Commercial Development Lease, as defined in the Term Sheet, is reset to the Fair Market Rent Amount, as defined in the Term Sheet, shall be accelerated by one year for each missed outside completion date, unless the missed outside completion date is due to force majeure or federal review delays solely due to the reviewing agency (to be defined in the Transaction Documents); provided, that the amount so accelerated shall be equal to the Fair Market Rent Amount multiplied by a percentage determined by dividing the sum of the square footage that the Developer fails to deliver by the applicable outside completion date by the aggregate square footage to be delivered pursuant to the development milestone chart set forth in subsection (b) of this section; provided further, that the acceleration, under this paragraph, from the rent payable under the Commercial Development Lease to the Fair Market Rent Amount rent shall not exceed 10 years; and

(2)

The Team, or an affiliate thereof, shall enter into a Community Benefits Agreement with the Mayor, or any District instrumentality or authority designated by the Mayor, and the Council, within 90 days after [September 25, 2025], which shall reflect the terms contained in, and be negotiated, executed, and administered consistent with the provisions of, § 10-1605.08.

(b)

Stage of Development

Required Square Footage

Outside Completion Date

One

415,000

3 years

Two

567,000

5 years

Three

342,000

6 years

Four

342,000

7 years

Five

735,000

8 years

Six

885,000

9 years

Seven

735,000

10 years

Eight

735,000

11 years

Nine

960,000

12 years

Ten

735,000

13 years

(c)

(1)

For the purposes of the development milestone chart set forth in subsection (b) of this section, and except as provided in paragraph (2) of this subsection, the outside completion date shall be calculated beginning as of the effective date of the zoning order whereby the Zoning Commission shall have included the Plaza District Commercial Parcel (as defined in the Term Sheet) in the zoning map and regulations for the District. Should the zoning order be judicially challenged, the outside completion date shall be calculated beginning one year after the effective date of the zoning order.

(2)

Should the zoning regulation established for the Plaza District Commercial Parcel require design review or further processing by either the Zoning Commission or the Board of Zoning Adjustment, the outside completion date for stage one shall be calculated beginning as of the effective date of the zoning order approving the design review or further processing. Should this zoning order be judicially challenged, the outside completion date for stage one shall be calculated beginning one year after the effective date of this zoning order. In either instance the outside completion date for each subsequent stage of development shall be calculated beginning as of the date applicable to stage one.