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Parking Lease

Parking Lease

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Published by Carl Weiser
Proposed parking lease between Cincinnati and the Port Authority
Proposed parking lease between Cincinnati and the Port Authority

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Published by: Carl Weiser on Feb 25, 2013
Copyright:Attribution Non-commercial

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02/25/2013

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LONG-TERM LEASE AND MODERNIZATION AGREEMENT FOR THE CITY OFCINCINNATI PARKING SYSTEM
dated as of  ________ [
], 2013 by and between
T
HE
C
ITY OF
C
INCINNATI
 
T
HE
P
ORT OF
G
REATER
C
INCINNATI
D
EVELOPMENT
A
UTHORITY
 
an
 
Table of ContentsPage
ARTICLE 1 ..................................................................................................................................................................... 6
 
DEFINITIONS AND INTERPRETATION .................................................................................................................... 6
 
Section 1.1. Definitions ............................................................................................................................................... 6
 
Section 1.2. Number and Gender. .............................................................................................................................. 27
 
Section 1.3. Headings. ............................................................................................................................................... 27
 
Section 1.4. References to this Agreement. ............................................................................................................... 27
 
Section 1.5. References to Any Person. ..................................................................................................................... 27
 
Section 1.6. Meaning of Including. ........................................................................................................................... 27
 
Section 1.7. Meaning of Discretion ........................................................................................................................... 27
 
Section 1.8. Meaning of Notice. ................................................................................................................................ 28
 
Section 1.9. Consents and Approvals. ....................................................................................................................... 28
 
Section 1.10. Trade Meanings ................................................................................................................................... 28
 
Section 1.11. Laws. ................................................................................................................................................... 28
 
Section 1.12. Currency. ............................................................................................................................................. 28
 
Section 1.13. Generally Accepted Governmental Accounting Principles ................................................................. 28
 
Section 1.14. Calculation of Time. ............................................................................................................................ 28
 
Section 1.15. Approvals, Consents and Performance by the City. ............................................................................ 28
 
Section 1.16. Incorporation of Schedules. ................................................................................................................. 29
 
ARTICLE 2 ................................................................................................................................................................... 31
 
THE TRANSACTION; CLOSING; CONDITIONS PRECEDENT; COVENANTS .................................................. 31
 
Section 2.1. Grant of Franchise ................................................................................................................................. 31
 
Section 2.2. Closing ................................................................................................................................................... 31
 
[Section 2.3. Deposit. ................................................................................................................................................ 32
 
Section 2.4. Conditions Precedent; Termination ....................................................................................................... 33
 
Section 2.5. Covenants .............................................................................................................................................. 35
 
Section 2.6. Intended Treatment for Federal and State Income Tax Purposes ......................................................... 38
 
Section 2.7. Closing Deliveries ................................................................................................................................ 39
 
Section 2.8. Memorandum of Lease ......................................................................................................................... 39
 
Section 2.9. No General Obligations ......................................................................................................................... 40
 
ARTICLE 3 ................................................................................................................................................................... 40
 
TERMS OF THE FRANCHISE .................................................................................................................................... 40
 
Section 3.1. Right to Use and Present Condition ....................................................................................................... 40
 
Section 3.2. Parking System Operations .................................................................................................................... 40
 
Section 3.3. Operator Engagement; Asset Manager .................................................................................................. 44
 
Section 3.4. Authorizations; Qualifications ............................................................................................................... 45
 
Section 3.5. No Encumbrances .................................................................................................................................. 45
 
Section 3.6. Tax Exempt Parking Bonds .................................................................................................................. 46
 
Section 3.7. Rights of the City to Access and Perform Work on the Parking System ............................................... 46
 
Section 3.8. Payment of Taxes .................................................................................................................................. 48
 
Section 3.9. Utilities .................................................................................................................................................. 48
 
Section 3.10. Notices of Defaults and Claims ........................................................................................................... 49
 
Section 3.11. Assignment of Operating Agreements and Plans ................................................................................ 49
 
Section 3.12. City Use of Information and Records .................................................................................................. 50
 
Section 3.13. Parking System .................................................................................................................................... 50
 
Section 3.15. Naming Rights and Commercial Advertisements and Activities ......................................................... 50
 
Section 3.16. Reversion of Parking System ............................................................................................................... 51
 
Section 3.17. Police, Fire, Emergency, and Public Safety Access Rights ................................................................. 51
 
Section 3.18. Excluded Off-Street Parking Facilities; Future Developments ............................................................ 51
 
Section 3.19. Negotiations with Governmental Authorities ...................................................................................... 51
 
Section 3.20. Administration of the Public Way. ...................................................................................................... 52
 
Section 3.21. Air Rights ............................................................................................................................................ 52
 
Section 3.22. Office in the City. ................................................................................................................................ 52
 
Section 3.23. Restrictive Covenant of City ............................................................................................................... 53
 
ARTICLE 4 ................................................................................................................................................................... 53
 
CAPITAL IMPROVEMENTS ...................................................................................................................................... 53
 
Section 4.1. Port Authority Responsibility for Capital Improvements ...................................................................... 53
 
 
 iiiSection 4.2. Authorizations Related to Capital Improvements .................................................................................. 53
 
Section 4.4. Metering Device Payment Options ........................................................................................................ 54
 
Section 4.5. Seventh Street Garage Replacement Plan ............................................................................................. 54
 
ARTICLE 5 ................................................................................................................................................................... 54
 
MODIFICATIONS ........................................................................................................................................................ 54
 
Section 5.1. City Requests. ........................................................................................................................................ 54
 
Section 5.2. Port Authority Requests ......................................................................................................................... 54
 
Section 5.3. Performance of Modifications ............................................................................................................... 54
 
ARTICLE 6 ................................................................................................................................................................... 55
 
OPERATING STANDARDS ........................................................................................................................................ 55
 
Section 6.1. Compliance with Operating Standards .................................................................................................. 55
 
Section 6.2. Proposed Operating Standards ............................................................................................................... 55
 
Section 6.3. Proposed Modifications to Operating Standards ................................................................................... 55
 
ARTICLE 7 ................................................................................................................................................................... 56
 
METERED PARKING REVENUE, OFF-STREET PARKING FACILITY REVENUE AND PARKINGVIOLATION REVENUES ........................................................................................................................................... 56
 
Section 7.1. Parking Revenue .................................................................................................................................... 56
 
Section 7.2. Temporary Closure of Parking Spaces; Additional On-Street Parking .................................................. 56
 
Section 7.3. Notice .................................................................................................................................................... 57
 
Section 7.4. Planned Permanent Removal ................................................................................................................. 57
 
Section 7.5. Identified Events and Global Events. ..................................................................................................... 57
 
Section 7.6. Third Party Temporary Closure of Metered Parking Spaces. ................................................................ 58
 
Section 7.7. Additional Metered Parking Spaces ...................................................................................................... 58
 
Section 7.8. Parking Fee and Period of Operation Adjustments ................................................................................ 58
 
Section 7.9. Right to Challenge ................................................................................................................................. 58
 
Section 7.10. Mitigation of Temporary Closure ....................................................................................................... 60 Section 7.11. Delegation to President of the Port Authority 60ARTICLE 8 ................................................................................................................................................................... 60
 
REPORTING; AUDITS; INSPECTIONS..................................................................................................................... 60
 
Section 8.1. Reports ................................................................................................................................................... 60
 
Section 8.2. Information ............................................................................................................................................ 61
 
Section 8.3. Inspection, Audit and Review Rights of the City .................................................................................. 62
 
Section 8.4. Audits, Assistance, Inspections and Approvals ..................................................................................... 63
 
ARTICLE 9 ................................................................................................................................................................... 64
 
REPRESENTATIONS AND WARRANTIES ............................................................................................................. 64
 
Section 9.1. Representations and Warranties of the City ........................................................................................... 64
 
Section 9.2. Representations and Warranties of the Port Authority .......................................................................... 66
 
Section 9.3. Non-Waiver ........................................................................................................................................... 68
 
Section 9.4. Survival .................................................................................................................................................. 68
 
ARTICLE 10 ................................................................................................................................................................. 68
 
FINANCE OBLIGATIONS .......................................................................................................................................... 68
 
Section 10.1. Port Authority’s Obligations ................................................................................................................ 68
 
Section 10.2. City’s Obligations ................................................................................................................................ 68
 
Section 10.3. Port Authority’s Obligation for Estoppel Certificates ......................................................................... 69
 
ARTICLE 11 ................................................................................................................................................................. 69
 
COMPLIANCE WITH LAWS ..................................................................................................................................... 69
 
Section 11.1. Compliance with Laws ........................................................................................................................ 69
 
Section 11.2. Non-Discrimination ............................................................................................................................. 69
 
Section 11.3. Compliance with Wage and Hours Laws ............................................................................................. 70
 
Section 11.4. Non-Collusion ..................................................................................................................................... 70
 
Section 11.5. [Intentionally Omitted]. ....................................................................................................................... 70
 
Section 11.6. Drug-Free Workplace Certification ..................................................................................................... 70
 
Section 11.7.
 
Small Business Enterprise, Minority Business Enterprise and Women’s Business Enterprise ............ 70
 
Section 11.8. Reservation of City Right-of-Way Rights and Relocation. ................................................................. 70
 
ARTICLE 12 ................................................................................................................................................................. 70
 
GOVERNMENTAL IMMUNITY ................................................................................................................................ 71
 
Section 12.1. Governmental Immunity. ..................................................................................................................... 71
 
ARTICLE 13 INSURANCE ......................................................................................................................................... 71
 
Section 13.1. Insurance Coverage Required .............................................................................................................. 71
 

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