Notwithstanding any other provision of law, the Authority may lease to Marriott International, Inc., or its designee, the real property described as a portion of Lot 26 (formerly known as Lots 22 and 24), Square 370, on the following terms and conditions:
(1) The lease term shall be 99 years, with lease payments beginning on the earlier of:
(A) The commencement of the 4th year of operation of the New Convention Center Hotel; or
(B) October 1, 2014; provided, that this date may be extended as mutually agreed by the parties.
(2) Annual lease payments shall be in an amount to be negotiated by the parties; provided, that the present value of the lease payments during the lease term discounted at 6% shall equal at least $31.5 million.
(3) A right of first refusal and an option to acquire the Authority’s fee interest in the real property during the lease term.
(4) The Authority may convey to lessee its fee simple interest to the improvements located on the lots for lessee to own during the lease term.
(5) Lease payments shall be payable from cash available after payment of the developer’s debt service on a loan for the new convention center hotel.
(6) The lease may be subordinated to a leasehold mortgage securing development financing for the developer and may permit the issuance of a new lease upon foreclosure on the same terms and conditions as the prior lease.
