QUESTION
Have there been any adjustments to the rent paid by the Port Authority outside of the 2021 extension, and how are the funds used?
0:21:03
·
31 sec
No lease adjustments have been made to the rent paid by the Port Authority since 2021, and funds go to the city's general fund.
- The inquiry references section 4.10 of the lease agreement, questioning the city's authority to adjust rent.
- Jennifer Sun confirms no amendments have been made since 2021.
- Council Member Farías inquires about the use of funds generated from the rent.
- The Economic Development Corporation states it does not oversee the funds as they are managed by the Office of Management and Budget.
Amanda Farías
0:21:03
I know in section 4.10 of the lease agreement, it appears the city has the right to adjust it.
0:21:08
At least a run paid by the port authority.
0:21:11
And have we made any adjustments outside of this of the 2021 extension.
Jennifer Sun
0:21:16
We have not made any other lease amendments since 2021.
Amanda Farías
0:21:20
Okay.
0:21:20
And can you folks speak to what the city specifically does with the funds?
Jennifer Sun
0:21:25
It's actually not our purview as EDC because it goes to the city's general fund.
0:21:30
OMB has authority over how those funds are dispersed.
