SBD/30/Facilities Venues

WASHINGTON LOOKING AT FINANCING OPTIONS FOR NEW ARENA

     DC officials are "discreetly" seeking a better deal to
finance the city's share of the costs for the proposed downtown
sports arena, according to the WASHINGTON BUSINESS JOURNAL.  One
"eye-catching" offer is from Morgan Stanley, which financed
Baltimore's Camden Yards.  NationsBank and Crestar Bank have
offered to loan the city about $53M to cover site preparation
costs, with the loan being repaid by a new city tax on
businesses.  But Michelle Bernard, Chair  of the DC Redevelopment
Land Agency, which controls the city-owned site, said last week
the NationsBank/Crestar financing proposal was "preposterous" and
"not economically sound" for the District (Thomas Hall,
WASHINGTON BUSINESS JOURNAL, 6/30 issue).  In this morning's
WASHINGTON POST, Michael Fletcher reports that "residents and
business owners of Chinatown" -- where the new arena will be
located -- want Caps/Bullets Owner Abe Pollin to "address more of
the community's concerns" (WASHINGTON POST, 6/30).
Return to top

Related Topics:

Bank of America, Facilities

Video Powered By - Castfire CMS Powered By - Sitecore

Report a Bug