SBD/18/Facilities Venues

BOND PACKAGE APPROVED FOR DC DOWNTOWN ARENA PROJECT

     The DC Redevelopment Land Agency (RLA) yesterday approved a
bond underwriting package to finance the downtown sports arena,
according to the WASHINGTON TIMES.  Merrill Lynch, PaineWebber,
and Pryor, McClendon, Counts & Co. will underwrite the $53M in
costs the District "must bear" to help Caps/Bullets Owner Abe
Pollin build the arena.  RLA officials are now waiting for a
letter of commitment from Pollin outlining his plans for
financing the remainder of the project (Lorraine Woellert,
WASHINGTON TIMES, 8/18).
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