The proposed bill seeks to approve a Third Amendment to the In-Lease Agreement between the District of Columbia and 250 E Street LLC, extending the lease for approximately 18,873 square feet of office space at 250 E Street, SW, for an additional 17 years and 9 months, beginning July 1, 2025. The amendment is expected to provide significant financial benefits, including around $1.5 million in rent abatement and a $1.9 million tenant improvement allowance. The bill maintains the option for the District to extend the lease for an additional 5 years beyond the new expiration date of March 31, 2043, and outlines the terms for rental payments, tenant improvements, and the responsibilities of the landlord.

Additionally, the bill introduces a Premises Refresh Allowance of $377,460 for tenant improvements and ensures compliance with the Davis-Bacon Act for construction work. It amends insurance provisions to include the District as a loss payee and additional insured, updates notice addresses for both parties, and clarifies that the terms of this amendment will take precedence over any conflicting terms in the original lease. The bill emphasizes the relationship between the District and the landlord as strictly landlord-tenant, ensuring that the District's financial obligations are subject to the availability of appropriated funds, thereby protecting both parties' interests while adhering to legal and financial regulations.