Revenue Up For Sun Life Stadium In FY '14 CSU Panels Supports On-Campus Stadium Virginia Beach Reaches Deal To Build $200M Arena Facility Notes Avaya-Earthquakes Deal Worth $20M Renovated Citrus Bowl Open For Business Mavericks Installing High-Tech Camera System Facility Notes Mets Will Move In Citi Field Fences Bucks, UWM Meet About Future Of Panther Arena
NEW FINANCING PLAN FOR DC ARENA COULD SAVE MILLIONS
Published July 27, 1995
Officials of DC's Redevelopment Land Agency board today will announce an agreement on a new financing plan for the city's $56M share of a new downtown sports arena, which backers say "could save taxpayers $7 million off the cost of an earlier plan," according to Lorraine Woellert of the WASHINGTON TIMES. Under the new plan, the city will borrow the $56M from a coalition of banks led by Crestar and NationsBank so they can begin work next month. While the city pays expenses from the loan, it will work out "arrangements for a tax-exempt bond issue through Wall Street underwriters." Once the arena bonds are sold, the city will repay the banks (WASHINGTON TIMES, 7/27). Under the original plan, the city would have had to pay $1.2M to the bank consortium to set a "ceiling" on the interest rate. With the new plan, the banks waive requirement until October 31, allowing the city to treat the money as a "temporary bridge loan" (Maryann Haggerty, WASHINGTON POST, 7/27).