Kraft Wants New Revolution Stadium In Boston United Signs On At Warriors' New Arena MLB Rangers Bump Up Texas Live! Date Maryland Raises Half Its Goal For Cole Field House Facility Notes Univ. Of Tennessee Completes Neyland Stadium Study Kentucky Lawmakers Ask For Audit Of Yum! Center Facility Notes Islanders Fans More Comfortable At Barclays Center Chargers Tout Stadium Bill Three Weeks Before Vote
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).