(a) Lease Agreement.—Under an agreement with the person selected to construct the Thurgood Marshall Federal Judiciary Building, the Architect of the Capitol shall lease the Building to carry out the objectives of this chapter.
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Terms Used In 40 USC 6504
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
(b) Minimum Requirements of Lease Agreement.—The agreement includes at a minimum the following:
(1) Limit on length of lease.—The Architect will lease the Building and other improvements for not more than 30 years from the effective date of the agreement.
(2) Rental rate.—The rental rate per square foot of occupiable space for all space in the Building and other improvements will be in the best interest of the Federal Government and will carry out the objectives of this chapter. The aggregate rental rate for all space in the Building and other improvements shall produce an amount at least equal to the amount necessary to amortize the cost of development of squares 721 and 722 in the District of Columbia over the life of the lease.
(3) Authority to make space available and sublease space.—The Architect may make space available and sublease space in the Building and other improvements in accordance with section 6506 of this title.
(4) Other terms and conditions.—The agreement contains terms and conditions the Architect prescribes to carry out the objectives of this chapter.
(c) Obligation of Amounts.—Obligation of amounts for lease payments under this section may only be made—
(1) on an annual basis; and
(2) from the account described in section 6507 of this title.
