(a) Except as allowed by § 10-639 of this subtitle, to finance site acquisition and construction of any segment of a Hippodrome Performing Arts facility, the Authority shall comply with this section. (b) The Authority shall provide certification to the Legislative Policy Committee and the Board of Public Works, supported by a detailed report, that the Authority has attempted to maximize private investment in the Hippodrome Performing Arts facility proposed to be financed. (c) The Authority shall provide to the fiscal committees of the General Assembly, at least 45 days before seeking approval of the Board of Public Works for each bond issue or other borrowing, a comprehensive financing plan for the relevant segment of the facility, including the effect of the financing plan on financing options for other segments of the facility and anticipated revenues from private investment. (d) The Authority shall obtain the approval of the Board of Public Works of the proposed bond issue and the financing plan. (e) The Authority shall secure one or more written agreements, as approved by the Board of Public Works: (1) establishing commitments for payments to the Authority of amounts that shall be used by the Authority to fund $60,000,000 of total acquisition and capital costs of construction of the Hippodrome Performing Arts facility; and (2) under which: (i) Baltimore City agrees to pay $6,000,000: 1. $2,000,000 of which shall be deposited to the Hippodrome Performing Arts Fund by July 1, 2000; and 2. $4,000,000 of which shall be deposited to the Hippodrome Performing Arts Fund: A. by not later than the date of the Authority's bond issuance as authorized under § 10-628 of this subtitle; or B. in $2,000,000 increments, in each of the next 2 succeeding years, from the proceeds of bond issuances that have received voter approval by not later than the date of the Authority's bond issuance as authorized under § 10-628 of this subtitle; (ii) the State has deposited to the Hippodrome Performing Arts Fund an aggregate amount of $16,500,000 or a lesser amount as is available to the Authority and not subject to any budget contingencies; (iii) the Authority agrees to: 1. issue bonds as authorized under § 10-628 of this subtitle; and 2. use $17,400,000 of the proceeds from the sale of the bonds in the manner and for the purposes described in this section; and (iv) one or more private entities, which may include an Authority affiliate, as private funding sources: 1. deposit to the Hippodrome Performing Arts Fund, not later than the date of the Authority's bond issuance as authorized under § 10-628 of this subtitle, at least $8,000,000; 2. agree, not later than the date of the Authority's bond issuance as authorized under § 10-628 of this subtitle, to pay: A. an additional $12,100,000; and B. all actual acquisition and capital costs of construction of the Hippodrome Performing Arts facility to the extent the costs exceeded $60,000,000; and 3. agree that any savings from acquisition or capital costs on completion of the Hippodrome Performing Arts facility shall be paid to the Authority. (f) The Authority shall secure a written agreement with the University System of Maryland, as approved by the Board of Public Works, under which the University System of Maryland agrees to transfer to the Authority fee title to the property known as the Hippodrome Theatre, 12 North Eutaw Street, described in the Baltimore City land records in Liber S.E.B. 6259, Folio 38. (g) The Authority shall secure a written agreement with an Authority affiliate, as approved by the Board of Public Works, by which the Authority affiliate agrees: (1) to market, promote, and operate or contract, subject to the approval of the Authority, for the marketing, promotion, and operation of the Hippodrome Performing Arts facility; (2) to maintain and repair or contract, subject to the approval of the Authority, for the maintenance and repair of the Hippodrome Performing Arts facility so as to keep the Hippodrome Performing Arts facility in first class operating condition; (3) to pay to the Authority for the duration of any bonds issued as authorized under § 10-628 of this subtitle an amount equal to $2 per ticket sold for admission to the Hippodrome Performing Arts facility; and (4) to be solely responsible for all expenditures relating to the operation, maintenance, and repair of the Hippodrome Performing Arts facility that may be incurred, including the amount by which expenditures exceed revenues.
‹ Prev All Maryland sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.