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FINANCING TENTATIVELY APPROVED FOR NORTHERN VA'S BID

     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).
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