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Ch. 417
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2002 LAWS OF MARYLAND
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(i) A lease or other written agreement with Baltimore City
pursuant to which:
1. Baltimore City agrees to pay $50,000,000 for the capital
costs of the expansion of the Baltimore Convention Center not later than the date of
the Authority's bond issuance as authorized under § 13-712(a)(1) of this subtitle; and
2. Baltimore City and the Authority will each own a 50%
leasehold interest as tenants in common in the improvements comprising the existing
Baltimore Convention Center and the Baltimore Convention Center expansion for the
duration of any bonds issued as authorized under § 13-712(a)(l) of this subtitle, with
neither Baltimore City nor the Authority entitled to sell, assign, mortgage, pledge, or
encumber the Baltimore Convention Center facility (or any leasehold interest therein)
without the prior consent of the other, except for liens in favor of Baltimore City's and
the Authority's respective bondholders;
(ii) A deed, lease, or written agreement with Baltimore City
permitting the Authority to design and construct, or contract for the design and
construction of, the Baltimore Convention Center facility, and to pledge the Baltimore
Convention Center facility and the Baltimore Convention Center site or the leasehold
interest therein, as security for the Authority's bonds; and
(iii) A written agreement with Baltimore City:
1. Whereby Baltimore City agrees to operate the Baltimore
Convention Center facility in a manner which maximizes the Baltimore Convention
Center's economic return and to maintain and repair the Baltimore Convention
Center facility so as to keep the Baltimore Convention Center facility in first class
operating condition; and
2. That includes provisions that:
A. Protect the Authority's, the State's and the City's
respective investment in the Baltimore Convention Center facility;
B. Require the Authority and Baltimore City to each
contribute to operating deficits and a capital improvement reserve fund, for the
period beginning upon the completion of the expanded and renovated Baltimore
Convention Center facility and ending on June 30, 2008, as follows:
I. The Authority shall contribute two-thirds and Baltimore
City shall contribute one-third to annual operating deficits;
II. The Authority and Baltimore City shall each annually
contribute $200,000 to the Capital Improvement Reserve Fund; and
III. Baltimore City shall be solely responsible for all operating
deficits and capital improvements:
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1. Prior to the completion of the expanded and renovated
Baltimore Convention Center facility; and
2. After June 30, 2008; and
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- 3178 -
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