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Parking Lease

Parking Lease

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Published by Carl Weiser
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Published by: Carl Weiser on Jun 19, 2013
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05/23/2014

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LONG-TERM
LEASEAND
MODERIüZATION
AGREEMENT
FOR
THE
CITY
OF
CINCINNATIPARKING
SYSTEM
dated
as
of
Junei?,
20t3
by
and
between
Tnn
Crrv
or
CrNcrNNarr
Tnn
Ponr
or
GRna.rnR
CrNcrNNarr
DnvBLoPMENT
AurnoRrrv
and
 
Tableof
Contents
ARTICLE
1
DEFINITIONS
AND
INTERPRETATION
Section
l.l.
Definitions
......
Section
1.2.
Number
and Gender.
Section
1.3. Headings
Section
1.4. References
to thisAgreement.
..
Section
1.5. References
to
Any
Person.
Section
1.6.
Meaningof Including.Section
1.7.
Meaningof DiscretionSection
1.8.
Meaning ofNotice.Section
I
.9. Consentsand
Approvals.............Section
I
.
10.
Trade
MeaningsSection
1.1
1.
Laws...Section
1 .
I
2.
Currency...........................Section
1.13.
GenerallyAcceptedGovernmentalAccounting
Principles'.".'....'....
Section
1.14.
CalculationofTime.Section
l.I5.
Approvals,
Consentsand Performance
by
the
City......'.
Section
1.
1
6.
Incorporation
of
Schedules.
ARTICLE
2 ..................
THETRANSACTION;CLOSING;CONDITIONS
PRECEDENT;
COVENANTS...'.'
Section
2.7.
Granl
of
Franchise.Section
2.2. Closing.
Section2.3.
Deposit.
Page
.22.22.22.22.22.23.23.23.23.23.23
.1
.1
.l
224244444546SectionSectionSectionSectionSectionSection2.42.52.6
2.'7
2.82.9
Conditions
Precedent;
Termination.
Covenants....Intended
Treatment
for
Federaland
State
IncomeTax
Purposes...
ClosingDeliveries....Memorandumof
Lease
No
General
Obligations
.35.35
ARTICLE
3 .....................
TERMS
OF
THE FRANCHISE
Section
3.
l
Right to
Use andPresent
Condition
..
..
Section3.2.
Parking
System
Operations......3.3. Operator
Engagement;Asset
Manager ................'
3.4.
Authorizations;Qualihcations
...................3.5.
No
Encumbrances...................
3.6.Tax
ExemptParkingBonds
3.7.
Rights of
the
City
to
Accessand
Perform
Vy'ork
onthe
Parking
System
'..'..'.
8.
Payment
of
Taxes.......9.
Urilities....
10.
Noticesof Defaults
and
Claims
1
1
.
Assignment
of
OperatingAgreements
and Plans
..
12.
City
Use
of
Information
andRecords
13.
Parking
System
15.
NamingRights
and
CommercialAdvertisements
and
Activities.'...
16.
Reversionof ParkingSystem.........
17.
Police, Fire,Emergency,
and
Public
SafetyAccess
Rights
18.
ExcludedOff-StreetParking
Facilities;
Future Developments.'....
.
1
9.
Negotiations
with
Governmental
Authorities
SectionSectionSectionSectionSectionSectionSectionSectionSectionSectionSectionSectionSectionSectionSectionSection
J
3
3
3
33
-t
JJ
3
J
 
Section3.20.
Administration
of
the
PublicWay.............
Section
3.21.Air Rights..........
Section
3.22.
Olltce
in
the
City.
Section
3.23.
Restrictive
Covenant
of City.......ARTICLE
4 ..................
CAPITALIMPROVEMENTS
..........Section
4.1.
Port
Authority
Responsibility
for
CapitalImprovements
.....
Section4.2Section4.4Section4.5Section
8.2
Section
8.3
Section
8.4
ARTICLE
9.
Authorizations
Related
to CapitalImprovements
.......
MeteringDevice
Payment
Options
Seventh Street GarageReplacementPlan ..................
ARTICLE
5..................
MODIFICATIONS...........
Section
5.1.
City
Requests.
Section 5.2.
P
ort
Authority
Requests
..........Section 5.3.Performance
of
Modifications
ARTICLE
6 ..................
OPERATING
STANDARDS
.........................Section
6.1.
Section
6.2.
Section
6.3.
ARTICLE
7..
5l
515151
5l
METEREDPARKING REVENUE,
OFF-STREET
PARKING
FACILITY
REVENUE ANDPARKING
Section
1.2.
Additional
On-Street
Parking; RemovalofParking
Spaces
.......'.'............'.53
Section 7.4.Planned Permanent
Removal
........54Section
7.5.Identified
Eventsand
Global
Events..........
........54Section
7.6.Temporary
Closure;Temporary
Closure
Fees.............
.'..'....'.55
Section7.7.
Additional
MeteredParking
Spaces..........
.........55Section7.8.
Parking
Fee
and
Period
of
Operation
Adjustments
..'..'..'.'......56
Section
7.10.
Mitigation
ofTemporary Closure
..................
'..'..'.'...-.........51
Section
7.
I
1
.
Delegationto
President
of
the
Port
Authority
57
REPORTING;
AUDITS;
INSPECTIONS...............
".'..............5"1Section
8.
l.
Reports....Compliance
with
Operating
Standards..Proposed
Operating
Standards.....Proposed
Modifications
to Operating
Standards.
Information
Inspection,
Audit
and
Review Rightsof
the
City
Audits,
Assistance,
Inspections
and
Approvals
..
.....57
REPRESENTATIONS
AND
WARRANTIES............
Section9.1. Representationsand
\ùy'arranties
of
the
City................
Section 9.2.Representationsand
Warrantiesof
the
Port
Authority
Section 9.3.
Non-Waiver
Section
9.4.Survival
ARTICLE
l0
................
FINANCE OBLIGATIONS
...............
Section
10.1.Port
Authority's
Obligations..Section
10.2.
City's
ObligationsSection
10.3.
Port
Authority'sObligationfor
Estoppel Certificates.
ARTICLE
1
1
................
COMPLIANCE
WITH
LAWS.........
Section
I
L1.
Compliance
with
Laws............Section
I
1.2.
Non-Discrimination
Section
I 1.3.
Compliance
with
Wage
and
Hours Laws.
11t

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