Main Street Station Language (language only)

Item 55 #1h

Language
Page 30, strike lines 16 through 30 and insert:
"B.1. The Secretary of Administration, pursuant to § 2.1-504.3A, Code of Virginia, is authorized to sell the Commonwealth's interests in the Main Street Station property to the City of Richmond under the following conditions:
a.  The City shall pay the sum of $10,000,000 for the property.  The City shall, upon payment of $6,500,000 to the Commonwealth, take immediate possession of that portion of the property which excludes the train shed and the Seaboard Building.  No later than December 31, 2003, the Commonwealth shall vacate and transfer the train shed and the Seaboard Building and the City shall pay the remaining balance of $3,500,000.  The City shall allow use of the current parking spaces in the Main Street Station property at no cost to the Commonwealth or its employees until such time as the parking facility is completed and the Commonwealth vacates the Main Street Station property, train shed and Seaboard Building.
b. It is the intention of the General Assembly to approve funding for the cost of a parking facility at the intersection of 14th and Main Streets and to approve funds for development of a new facility for the Department of General Services’ Division of Consolidated Laboratories in the Virginia Biotechnology Research Park.  The City will pay the Commonwealth the sum of $4,100,000 in consideration of the Commonwealth making available for a period of 30 years up to 350 parking spaces in the parking facility for use by patrons of the Main Street Station.  The Department of General Services is authorized to negotiate terms and conditions to allow the City to use the parking facility on nights and weekends for public parking, provided no such use shall create additional costs or obligations upon the Commonwealth.
c.  Notwithstanding § 2.1-512C, Code of Virginia or any other law to the contrary, all proceeds under subsection a. above shall be used to defease the bond indebtedness remaining on the Main Street Station property at the time of the sale.  Any funds remaining after such defeasance shall be held by the Comptroller in a special non-reverting, interest-bearing account to be used and paid solely to off-set the cost of constructing the parking facility described in subsection b."

Explanation
(This amendment provides terms and conditions regarding the conveyance of the Main Street Station property in the City of Richmond.)