Sources: EverBank, Jags Set For Extension Bon Jovi Group Studied Toronto Stadium Sites Broncos Land Three-Year Deal With CenturyLink Food Critic: Ballpark Village Restaurants Disappoint Sporting KC Unveils National Training Center Plans NFL Panthers Rule Out Public Cash For Renovations Tax Hikes Suggested To Fund UNLV Stadium UK Targets '15 To Finish Football Upgrades A's Settle 10-Year Lease Extension With Oakland Bank Of America Stadium Expands Hosting Options
Upcoming Conferences and Events
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).