Whenever used in this Article, the following words and phrases shall have the following meanings:
"Affected Department" means a City department authorized to manage an Asset that is subject to a Transaction.
"Asset" means any stationary physical infrastructure that: (i) the City owns, or exercises significant control over, at the time of a contemplated Transaction; (ii) is used by the public and provides a significant public service; and (iii) produces, or is capable of producing, revenue through its use.
"CFO" means the City's Chief Financial Officer.
"Contractor" means a person who enters into a Transaction with the City.
"Independent Advisor" means an individual or firm with expertise in evaluating financial, operational and/or legal issues arising in connection with proposed Transactions.
"Laid off" means involuntarily separated from employment with the City as a direct result of a Transaction or Privatization Agreement.
"Post" means to post in a prominent, readily locatable and viewable location on the City's website for public review.
"Privatization Agreement" shall have the meaning set forth in Article II of this chapter.
"Transaction" means the City's sale, lease, or concession of an Asset that: (i) has a term of at least 20 years; (ii) provides for total consideration to the City of at least $400,000,000 over such term; (iii) divests the City of day-to-day control, or limits such control, over the Asset for the term, with or without providing for continuing City oversight regarding the Asset; and (iv) requires the Contractor to use the Asset for the same purpose or purposes for which it was used prior to the Transaction. The term "Transaction" shall not include City infrastructure subject to a privatization that took effect prior to the effective date of this Article.
(Added Coun. J. 11-18-15, p. 14398, § 1)