Pub. L. 90-264, tit. I, sec. 102

Pub. L. 90-264, tit. I, sec. 102

EnactedYear: 1968Length: 406 wordsOfficial source
Sec. 102. (a) The agreements and leases authorized by section 101 of this Act shall be subject to the following terms and conditions: (1) the Company shall agree to make such alterations of the Union Station Building as the Secretary determines necessary to provide adequate facilities for visitors, which facilities, including the parking facility under paragraph (3), shall be representative of the highest standards of excellence of design and function; (2) the lease of the Union Station Building shall commence on a date to Ire mutually agreed upon contingent upon when such facilities are available for public use, and shall not Ire for a term of more than twenty-five years; (3) the Company, in consultation with the Secretary, shall construct a parking facility, including necessary approaches and ramps, to accommodate as nearly as possible four thousand motor vehicles in the air space northerly of and adjacent to the existing Union Station Building, and such facility shall, upon completion, be leased to the United States for a term not to exceed twenty-five years; (4) the Company shall, and it is hereby authorized to, construct a new railroad passenger station in the area beneath or adjacent to the parking facility referred to in paragraph (3); 82 Stat. 44 (5) the United States shall have the option to purchase all of the property leased under this title for an amount not in excess of the fair market value of such property any time after the first year of the lease on one year’s written notice and on such terms and conditions including credit toward such purchase price of any portions of rentals paid by the United States as may be mutually agreed upon; (6) rentals paid by the United States shall not exceed the fair rental value of the property as mutually determined by the Secretary, the Administrator, and the Lessor; (7) the aggregate annual cost to the United States of all leases entered into under this title shall not exceed $3,500,000; (8) the total cost of all alterations referred to in paragraph (1) and all construction referred to in paragraph (3) shall not exceed $16,000,000, except that total cost of such alterations shall not exceed $5,000,000. (b) In addition to the terms and conditions set forth in subsection (a) of this section, agreements and leases entered into under authority of this title shall include such other terms and conditions as the Secretary and the Administrator jointly shall prescribe.
Pub. L. 90-264, tit. I, sec. 102 | Justis AI