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PROPOSAL FOR D.C. ARENA HITS SNAG
Published November 11, 1994
The Washington DC Redevelopment Land Agency (RLA) has delayed its decision on the approval of a city arena. The agency spent several hours Wednesday reviewing the arena deal struck between Bullets/Capitals Owner Abe Pollin and the National Capital Development Corporation (NCDC), a nonprofit consortium of District entrepreneurs who would oversee construction of the facility. The RLA board decided it did not have enough information to recommend turning over city land to NCDC and agreed to reconvene December 1 to review a counter-proposal from BET President Robert Johnson. Johnson has offered to guarantee repayment of arena bonds and eliminate the city's financial risk if Pollin would agree to sell him a share of the Bullets. NCDC spokesperson Kwasi Holman predicted that the agency will approve of his group's deal with Pollin because it "makes such economic sense": "We are going to make out deadlines and build this arena" (Howard Schneider, WASHINGTON POST, 11/11).