The New Deal
Yesterday, by a vote of 7 to 6, the D.C. Council passed a stadium financing package that limits the District's liability if there are cost overruns or construction delays. It also allows the District to continue to pursue private financing to pay for the stadium to be built along the Anacostia waterfront.
Wednesday, December 22, 2004
|Members||Ward||Nov. 30 Vote||Dec. 14 Vote||Yesterday's Vote|
|Linda W. Cropp||Chairman||Abstain||Yes||Yes|
|Harold Brazil||At Large||Yes||Yes||Yes|
|David A. Catania||At Large||No||No||No|
|Carol Schwartz||At Large||No||No||No|
|Phil Mendelson||At Large||Abstain||No||No|
|Adrian M. Fenty||4||No||No||No|
|Vincent B. Orange Sr.||5||Yes||Yes||Yes|
|Kevin P. Chavous||7||Yes||Yes||Yes|
The Previous Agreement
• On Dec. 14, the council passed a stadium financing package that required private financing for at least half the cost of the new stadium, estimated at $279 million.
• If Natwar M. Gandhi, the city's chief financial officer, didn't certify a proposal using at least 50 percent private funds, the deal creating a new stadium would be void.
• If the new stadium did not open by March 2008, the city would have been liable for up to $19 million in damages per year.
• The city and the owner of the Washington Nationals would purchase insurance for potential cost overruns on the stadium and split the payments equally.
• The District would not be liable, beyond the cost of insurance, for any weather-related delays in construction.
• The District's liability would be capped at $5.3 million if the stadium weren't completed within the first year after the deadline. The amount could go up to $19 million in the second year.
• Baseball would be liable for damages if the team were moved out of the city prior to the end of the lease term of the new stadium.
• No later than March 15, Gandhi will deliver a report to the mayor outlining potential private financing plans, but the stadium will be built with public funds if Gandhi fails to certify one of these options.
The Washington Post