Tuesday, November 16, 2004

If They Build It, They Won't Come

Apparently, Linda Cropp has been flooded with offers from private companies looking for creative ways to finance the ballpark and get their share of an extremely large pie.

Yesterday's meeting was with BW Realty Advisors
BW Realty Advisors is proposing to lease the stadium site from the District and finance the construction cost itself through private investors. In return for their funds, investors would receive tax breaks from interest and depreciation on the property, as well as the ability to accrue its lease debt to the city instead of paying the fee each year.

At the end of a agreed-upon lease period lasting at least 25 years, the District would receive either ownership of the stadium or $438 million, a sum estimated as the total of accrued lease payments plus interest...

"The public is not convinced that 100 percent public financing is the way to go. I happen to agree," said Richard Gross, BW Realty Advisors manager.

The Post, however, reports that that proposal was DOA.
One of the major concerns, council members said, is that the plan would require the owners of the new Washington team to pay for cost overruns. Under Mayor Anthony A. Williams's plan, which would use mostly public money to build the stadium, the city would cover those expenses if necessary.

Council member Jack Evans (D-Ward 2), a leading proponent of the mayor's plan, said changing the terms of the deal is a "non-starter" because Major League Baseball would not go along.

I'm getting sick of reading these stories, hopefully it'll all be over soon.