{"data":{"id":"us-dc/d.c.-code-2-1227.05","jurisdiction":"us-dc","citation":"D.C. Code § 2-1227.05","heading":"Walter Reed Reinvestment Fund.","body":"(a)\nThere 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.\n\n(b)\nThe 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:\n(1)\nProceeds that are used to pay the Army consideration due under the EDC Agreement; and\n(2)\nFunds received from the Developer to reimburse the District for payments to the Army made pursuant to the EDC Agreement.\n\n(b-1)\nNotwithstanding subsection (b)(2) of this section and § 1-328.13, funds received from the Developer after October 1, 2023, as an installment of the 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.\n\n(c)\nThe Fund shall be used solely:\n(1)\nTo support job creation and economic development of, or related to, the Walter Reed Redevelopment Site, including to pay for:\n(A)\nRoad construction;\n(B)\nTransportation management facilities;\n(C)\nStorm and sanitary sewer construction;\n(D)\nPolice and fire protection facilities and other public facilities;\n(E)\nUtility construction;\n(F)\nBuilding rehabilitation;\n(G)\nHistoric property preservation;\n(H)\nPollution protection equipment or facilities;\n(I)\nDemolition;\n(J)\nDisposal of hazardous materials and hazardous waste generated by demolition;\n(K)\nLandscaping, grading, and other site or public improvements; and\n(L)\nPlanning for or the marketing of the redevelopment or use of the Walter Reed Redevelopment Site;\n(2)\nFor other purposes permitted by the EDC Agreement; and\n(3)\nTo 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.\n\n(d)\nThe 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\n\n(e)\n(1)\nThe 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.\n(2)\nSubject 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.","path":["Title 2. Government Administration.","Chapter 12. Business and Economic Development.","Subchapter XV. Walter Reed Development"],"source_url":"https://code.dccouncil.gov/us/dc/council/code/sections/2-1227.05","current_through":"2026-08-20 (D.C. Law 26-175)","vintage":"","retrieved_at":"2026-08-29T05:44:07Z","sha256":"b8c8112334d2af2fb5f320f2b5f641f7982281371d568fb0fcb942242464a041","source_id":"us-dc","stale":false,"prev":"us-dc/d.c.-code-2-1227.04","next":"us-dc/d.c.-code-2-1227.06"},"notice":"GroundRules: Original legal text. Not legal advice."}