Plain English Breakdown
The official text excerpt contains formatting errors (e.g., 'Syears' instead of '5 years'), but context confirms the change is from 10 years to 5 years.
Rhode Island Avenue Corridor Long-Term Lease Adjustment Emergency Amendment Act of 2026
This law changes the lease length rule for businesses applying to the Rhode Island Avenue Support Grant Program.
What This Bill Does
- Amends section 2032 of the Deputy Mayor for Planning and Economic Development Limited Grant-Making Authority Act of 2012.
- Reduces the required long-term lease period from 10 years to no fewer than 5 years.
- Requires that existing leases have a minimum of 3 years remaining as of the application closing date.
Who It Names or Affects
- Entities applying for grants in the Rhode Island Avenue Support Grant Program.
Terms To Know
- Rhode Island Avenue Support Grant Program
- A grant program mentioned in the law that has specific lease requirements for eligibility.
- Emergency basis
- A legal process where an act takes effect after approval and remains in force for no longer than 90 days unless extended or made permanent.
Limits and Unknowns
- This act is an emergency measure that expires on May 31, 2026.
- The law only changes lease requirements; it does not specify other grant rules or funding amounts.