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NEW FINANCING BIDS COULD SAVE DC BIG MONEY ON ARENA PROJECT
Published July 7, 1995
The DC agency in charge of the site of the proposed new MCI Center "has received three financing offers that could save the city millions of dollars a year compared with a bank loan that has already been arranged," sources tell the WASHINGTON POST. Maryann Haggerty reports that DC officials will meet today to evaluate the offers gathered by the Redevelopment Land Agency. The city previously arranged to borrow the $53M they will need to finance the purchase of the land and improvements for the new arena from a consortium of local banks. "According to sources," the new bids come from two Wall Street firms and a foreign bank and offer fixed interest rates from 7.25% to 8.25%. The local banks offered a floating rate that currently is around 8% (WASHINGTON POST, 7/7).