Revolution Stadium Talks With UMass Break Off UNM, WisePies End Arena Naming-Rights Deal Memphis Breaks Ground on Football Facility Facility Notes Timbers Unveil Stadium Expansion Plan Baltimore Mayor, Stronach Group Want Pimlico Replaced No User Fee For U.S. Bank Stadium HS Games Facility Notes Officials Break Ground On Pro Football HOF Village Hotel Mercedes-Benz Stadium To Be Ready By Early August
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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).