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FINANCING TENTATIVELY APPROVED FOR NORTHERN VA'S BID
Published July 2, 1996
The VA General Assembly's Joint Legislative Subcommittee for Stadium Financing has tentatively approved a $300M "blueprint" to build a baseball stadium in Northern VA. Team ownership would pay up to 1/3 of the cost, either up front or in annual lease payments, while a state lottery is expected to bring in an additional $14M a year. Another $4M a year would be obtained from various sales, corporate, income and franchise taxes collected from stadium operations over 30 years. No new taxes would be imposed. Virginia Baseball Exec VP Michael Scanlon called the vote a "grand slam" for the group, which is seeking to buy a team and move it to the area. Scanlon predicted the full Legislature will hold off voting on the package until they are closer to buying a team (THE DAILY). One "major detail" to be determined is whether taxpayers or the team will pay if lottery or stadium revenue is less than expected, according to Spencer Hsu of the WASHINGTON POST. Meanwhile, lawmakers stressed they were giving the "minimum necessary support" to Virginia Baseball as they head to the All-Star Game to lobby owners to support their bid. Scanlon said the financing plan "ought to get some attention" (WASHINGTON POST, 7/2). SITE-SEEING: A source familiar with the process says at least eight new sites have been proposed. The VA Baseball Stadium Authority hopes to pick a "preferred site" by October (Spencer Hsu, WASHINGTON POST, 7/2).