Chargers Staying In San Diego Next Year Lammi Sports Buys Wisconsin Athletic HOF Great American Ball Park Seats Replaced Cheap Senators Considering Moving To New Arena Costs Rise For Univ. of Colorado Stadium Brewers Announce Creation Of "Selig Experience" Lightning's Vinik Buys More Land In Tampa BMO Harris Bradley Center Loses $1.9M In FY Facility Notes Warriors Release Updated Arena Renderings
WASHINGTON LOOKING AT FINANCING OPTIONS FOR NEW ARENA
Published June 30, 1995
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).