From Jacqueline Dupree:
Today's Garage NewsSo much for the DC Council's stadium construction "spending cap."
(7/26 8:40 AM) From the Post: "The District's chief financial officer has told Mayor Anthony A. Williams (D) that the city will need up to $83 million in additional funds for construction of parking garages near the new baseball stadium if a plan from a private developer to finance the structures falls through. [...] But the report from Natwar M. Gandhi said the mayor will have to seek money from the city's general fund or approval for more construction bonds from the D.C. Council if Miller cannot make good on his proposal. Miller will try to win final approval from the Washington Nationals ownership group next week. The city has $21 million to build free-standing garages, but because the D.C. Zoning Commission approved Miller's plan for integrated development, the District would need more money, officials said." And here's the WTOP piece, headlined "Stadium Price Tag May Go Up Nearly $100M", which has more detail, saying that " Gandhi briefed the Mayor on three options that would promote revenue opportunities [...] One option would cost $44 million, another $58 million. Both options would provide 1,225 parking spaces. A third option would cost $98 million and provide 1,875 parking spaces, bringing the total stadium price to more than $700 million. At a recent stadium task force meeting, D.C. Council members were told they would need to amend the current stadium legislation to wave the cap on spending and approve the additional costs. If Miller's plan falls through, the additional costs could be covered by issuing more construction bonds, or the mayor could seek the money from the city's general fund. The additional spending would not be submitted to the council for a vote until after after the September primary." So now we wait to see if Herb gets his financing in place (though I remember reading somewhere that he had said he would have the financing for excavation in place by mid-August, and the rest of the financing ready by the time real construction would start, late in 2006, but who knows how CFO Gandhi feels about that), and whether the Lerners approve the plan.
WTOP piece comments: