Support Staff: DC Council Backing Plan For Nats’ Ballpark

BW Realty Advisors’ Private-Funding Plan Gaining Support In DC Council

An offer of private financing for a Nationals ballpark from BW Realty Advisors “is rapidly gaining favor among” the DC Council, according to Eric Fisher of the WASHINGTON TIMES. The plan, now operating under the name DC Baseball Stadium Associates (DCBSA), “involves a complex mixture of debt financing, real estate tax credits and equity investments” to fund the ballpark. The DCBSA intends to “wipe out ... entirely” the gross-receipts tax on large DC businesses. But the DCBSA bid “involves a ground lease of the stadium from the District, which might need to acquire some of the land needed for the ballpark through eminent domain.” Also, DC Council member Jack Evans wants to keep the development under the control of the DC Sports & Entertainment Commission, which is “contrary to DCBSA’s original aim of taking over the process.” DC CFO Natwar Gandhi had recommended a bid from Deutsche Bank, but the bank last week requested “firm guarantees backing a $246[M] debt financing package, leaving its bid as essentially a loan” (WASHINGTON TIMES, 5/17). Evans, who chairs the Council’s Finance & Revenue Committee, said that he will advance ballpark legislation June 1 and that committee members “can offer amendments at that time” (WASHINGTON POST, 5/17).

BID DEADLINE: In DC, Thomas Heath cites sources as saying that MLB has told the nine bidders for the Nationals “to submit their bids for the team by May 31.” The bidders, who have each deposited $100,000 with MLB for the rights to bid on the team, have been asked to give two offers: “one bid for just the Nationals, and a second bid for the Nationals and for a minority ownership” in MASN. MLB’s 10% ownership of MASN will increase to 33% over the next 30 years, and MLB is “expected to sell its share” in MASN to whoever buys the Nationals (WASHINGTON POST, 5/17).