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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).