NEW FINANCING BIDS COULD SAVE DC BIG MONEY ON ARENA PROJECT

     The DC agency in charge of the site of the proposed new MCI
Center "has received three financing offers that could save the
city millions of dollars a year compared with a bank loan that
has already been arranged," sources tell the WASHINGTON POST.
Maryann Haggerty reports that DC officials will meet today to
evaluate the offers gathered by the Redevelopment Land Agency.
The city previously arranged to borrow the $53M they will need to
finance the purchase of the land and improvements for the new
arena from a consortium of local banks.  "According to sources,"
the new bids come from two Wall Street firms and a foreign bank
and offer fixed interest rates from 7.25% to 8.25%.  The local
banks offered a floating rate that currently is around 8%
(WASHINGTON POST, 7/7).