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GGD-79-68 1 (1979-05-11)

handle is hein.gao/gaobabmtd0001 and id is 1 raw text is: COMPTROLLER GENERAL Cn-VTHE UNITED STATES WA SHINGTON. D.C. £0548 B-154459 May 11, 1979 The Honorable Jennings Randolph Chairman, Committee on Environment and Public Works United States Senate Dear Mr. Chairman: 5 -A In response to your e dated March 19, 1979, and discussions with your office,, we have updated informatio, -7 contained in our prior reports on the John F. Kennedy Cen- ter for the Performing Arts. The updated information in- cludes the Center's parking-concession agreement, status of revenue bonds held by the Treasury Department, and the results of the Center's operations through fiscal year 1978. CONTRACT AGREEMENT WITH THE PARKING GARAGE CONCESSIONAIRE The parking facility at the Kennedy Center which consists of 1,408 parking spaces is operated by the Airport ParkinqA/_170/-& Coinanv of America-WashingtonInc. Under its parking-conce - sion agreement it advanced the Center3,50j000 r- pi fr rn s over the 15-yea _ t e u , g5eimer t beginnin in 1972. The company's proposal to provide this advance, which the Center required to com e nsructi and to begin operations, was an important factor in its sel- ecti'o-n to manage the Kennedy Center'-s parking facili1y. The agreement with the garage concessionaire provides that ater deductn est anthe principal, pro-i s are to e split ev-enly between the conces- sionaire and the Center. The agreement also gives the conces- --i-onaire a 10-year renewa1 option and provides that the Center can repay the advance prior to the end of the initial 15-year term. After the advance is repaid--which at the present rate of repayment will be in 1987--the Center will receive 70 per- cent of net profits on annual gross receipts up to $1.5 mil- lion. On annual gross receipts in excess of $1.5 million after repayment of the advance, the distribution rate is 80 percent ij GGD-79-68 (238010) 120183

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