§206X-7 Agreement with developer. (a) The authority shall enter into an agreement with a developer for the development and construction of the convention center and all other improvements. The agreement shall include provision for access to, or ownership of, adequate parking facilities in favor of the authority within the convention center district to accommodate the activities of the convention center facility. The development and construction of the improvements within the convention center district shall conform with the convention center development plan approved by the authority.

(b) As a condition and consideration of the right to develop the real property within the convention center district under the agreement, pursuant to this chapter, the developer shall negotiate with the State for the transfer of a marketable real property interest in the convention center facility to the State with warranty of title free and clear of all encumbrances, subject to declaration of condominium property regime, if any, and to such encumbrances and easements as shall be acceptable to the State. For a period to be negotiated between the authority and the developer the developer may manage, operate, and maintain the convention center facility. All profit and loss for the period from the management, operation, and maintenance of the convention center facility shall accrue to or be suffered by the developer. The developer shall submit to the authority annual reports, including financial statements, covering the operations of the convention center facility by the developer during the period. The developer shall coordinate with the authority on all reservations based on requests for conventions at the convention center facility to occur on dates after the period. The authority may thereafter manage, operate, and maintain the convention center facility.

(c) As a further condition and consideration of the right to develop the real property within the convention center district under the agreement and pursuant to this chapter, the developer shall pay a reasonable sum determined by the authority as contribution for the payment of costs relating to:

provided that each displaced licensee or lessee shall have the option to select either relocation or a settlement payment.

Upon the approval by the authority of the relocation plan, which shall be prepared and submitted by the developer to the authority, the developer shall deliver to the authority for deposit into the convention center capital and operations special fund the sum determined by the authority in the form of a certified check, an irrevocable letter of credit, or surety bond. The sum determined by the authority shall be used for the implementation of the relocation plan; provided that the sum and all interest accrued thereon shall be refunded to the developer in the event this chapter expires and becomes void.

The relocation plan shall include an agreement by the developer to give every displaced licensee or lessee who does not elect to receive a settlement payment under paragraph (2) an unassignable right of first refusal of any license or lease of space within the convention center district developed and offered for those activities similar in size and nature to the business conducted by the licensee or lessee at the time of displacement, unless this right is waived by any licensee or lessee.

The authority shall establish a task force to assist in the implementation of the relocation plan. The task force shall include persons representing agencies, organizations, government, and private interests. [L 1988, c 96, pt of §1; am L 1989, c 2, §1; am L 1990, c 34, §11; am L 1992, c 159, §8; am L Sp 1993, c 7, §17; am L 1997, c 124, §5; am L 1999, c 98, §5]