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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).