Plain English Breakdown
The official source material does not provide specific details about the fiscal impact statement beyond confirming its adoption by the Council.
Rhode Island Avenue Corridor Lease Adjustment Act
This act amends the eligibility requirements for businesses to qualify for grants under the Rhode Island Avenue Support Grant Program by reducing the long-term lease period.
What This Bill Does
- Amends section 2032 of the Deputy Mayor for Planning and Economic Development Limited Grant-Making Authority Act of 2012 to reduce the long-term lease requirement from 10 years to no more than 5 years with a minimum of 3 years remaining on an existing lease as of the application closing date.
- Includes a fiscal impact statement adopted by the Council.
Who It Names or Affects
- Businesses in the Rhode Island Avenue area applying for grants under the Rhode Island Avenue Support Grant Program.
Terms To Know
- Grant-Making Authority Act
- A law that gives authority to make grants for specific purposes, such as economic development or support for businesses in certain areas.
- Emergency Amendment Act
- A type of legislation passed quickly to address urgent issues and is valid for a limited time.
Limits and Unknowns
- The act expires on May 31, 2026.
- It only applies during the emergency period specified in the law.