With "time running out on this session of Congress, the
White House is leading a fast break coveted" by Washington
Sports Chair Abe Pollin, according to Greg Hitt of the WALL
STREET JOURNAL. A "narrowly drawn provision" sought by
Pollin "would allow him to lower the financing costs of the
downtown" MCI Arena. U.S. Rep. James Moran (D-VA) said that
White House Chief of Staff John Podesta has made the matter
"a priority" and that President Clinton is "supportive,
personally." Hitt: "Details of the initiative are fluid,
and it is by no means sure to survive, given the uncertainty
of the end-of-session budget negotiations." The proposal
would reduce Pollin's "financing costs by effectively
allowing him to refinance -- at tax-exempt rates -- loans
used to build" the $200M arena. Pollin is "also seeking
more generous tax credits to offset the cost of wages for
jobs generated by the arena." The "package" of incentives
was endorsed by several DC leaders, but Pollin "has been the
most visible figure lobbying for the provisions." Hitt:
"And while others perhaps could take advantage of [the
provisions], congressional aides say they appear to be aimed
at the businessman's own situation" (WALL ST JOURNAL,
11/17). In DC, Hansen & Godfrey report that the "tax credit
is so narrowly tailored that it would benefit only Mr.
Pollin for now." Pollin "is a longtime benefactor of the
Democratic Party and some Republicans" (WASH. TIMES, 11/17).
