The proposed bill seeks to modify Contract No. DCAM-25-CS-RFP-0006 with Corenic Construction Group, LLC, by increasing the not-to-exceed (NTE) amount by $4,030,262.83, raising the total NTE from $6,808,979.50 to $10,839,242.33. This modification is aimed at facilitating the early release of funds for the initial phase of the Advanced Technical Center Phase 2 Expansion at Penn Center, which encompasses various construction services. The modification also includes a $145,000 Owner's Allowance for capital-eligible items and requires the Design-Builder to obtain a determination regarding the capital expense eligibility of the work before funds can be committed. Additionally, the contractor waives any claims against the Department related to delays or additional costs arising from this modification.

Furthermore, the bill outlines new eligibility criteria for capital financing within the District, specifying that projects must result in a District-owned asset valued at a minimum of $250,000 to qualify for funding. It details exclusions for projects that do not enhance existing District assets and emphasizes compliance with applicable codes during construction. The bill also introduces specific guidelines for capitalizing assets, including signage and arts projects, and transitions from a Master Equipment Lease/Purchase financing model to short-term bond financing for projects with a useful life of 5-10 years. Overall, the bill aims to ensure effective allocation of capital financing while meeting necessary public benefit criteria.