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NEWS RELEASEDistrict of Columbia Financial Responsibility and Management Assistance Authority Washington, D.C.
STATEMENT OF THE CHAIRMAN Good Afternoon. The District of Columbia Financial Responsibility and Management Assistance Authority (Authority), today approved D.C, Act 12-402, the Washington Convention Center Authority Financing Amendment Act of 1998. The Authority’s action, required under Public Law 104-8, formally allows plans for the major new conference and meeting facility to advance to the next step, which is approval by the U.S. Congress. In June, 1998, the Council of the District of Columbia approved the Convention Center Act and submitted the law to the Authority, which is required by statute to review all District laws for their adherence to the applicable financial plan and budget. The Authority strongly supports the Convention Center, and passage of this Act is a key step on the road to constructing this vital facility. The District will benefit enormously from a new Convention Center, and we look forward to the many new jobs for City residents that will be produced by this project. The new Convention Center plans include a new facility of 2.3 million square feet, bounded by 9th and 7th Streets, and L and N Streets, NW. The facility will include a ballroom of 60,000 square feet, expected upon completion to be the largest such facility in the eastern United States. The District's current Convention Center is considered to be obsolete and essentially not competitive with other major cities in its ability to attract major conventions. However, the current Center does offer considerable potential for expansion of the new Center if added space is needed in the future. This Convention Center promises to be a major boon to economic development in the District, and we are pleased that so many people, from the residents of the Shaw Community in which the Center will be located, to members of the hotel and restaurant industries, are enthusiastic about this project. The importance of this economic development project to the District can not be overstated. Therefore, we will urge the Congress to act expeditiously in approving legislation so that we can sell bonds and break ground. I would like to take specific note of the efforts of several individuals who have been instrumental in the Center's progress. They include Mr. Terry Golden, Chairman of the Convention Center Authority, and Council Member Charlene Drew Jarvis, Chair of the Committee on Economic Development. Mr. Edward Singletary, a Former Member of the Authority, provided strong leadership of our own efforts to encourage the development of the new Convention Center. I also wish to express our appreciation to members of the Committee of 100, which provided the Authority with considerable research and insight into the complex issues of location and management of a successful meeting and Convention Center. In reviewing the legislation, the Authority considered the process by which the Center would be funded and built, the budgetary consequences, and economic impact of the facility. We also examined issues specific to its construction such as the guaranteed maximum price and the timing and impact of prospective bond issuance. The Authority is working closely with Convention Center officials to ensure the project will be completed on schedule and within budget. The Authority recognizes that, when dealing with a project of this magnitude, there are important and significant issues on which people may not agree. However, we are satisfied that the major concerns regarding location, funding, and operation of this facility have been answered. We also believe that the vast majority of the Shaw community, whose support is critical to the success of this project, is supportive of the proposed Convention Center. All of us are committed to ensuring that this critical project, so vital to the District's future, goes forward without delay. I would like to take specific note of the efforts of several individuals who have been instrumental in the Center’s progress. They include Mr. Terry Golden, Chairman of the Convention Center Authority, and Council Member Charlene Drew Jarvis, Chair of the Committee on Economic Development. Mr. Edward Singletary, a Former Member of the Authority, provided strong leadership of our own efforts to encourage the development of the new Convention Center. I also wish to express our appreciation to members of the Committee of 100, which provided the Authority with considerable research and insight into the complex issues of location and management of a successful meeting and Convention Center. In reviewing the legislation, the Authority considered the process by which the Center would be funded and built, the budgetary consequences, and economic impact of the facility. We also examined issues specific to its construction such as the guaranteed maximum price and the timing and impact of prospective bond issuance. The Authority is working closely with Convention Center officials to ensure the project will be completed on schedule and within budget. The Authority recognizes that, when dealing with a project of this magnitude, there are important and significant issues on which people may not agree. However, we are satisfied that the major concerns regarding location, funding, and operation of this facility have been answered. We also believe that the vast majority of the Shaw community, whose support is critical to the success of this project, is supportive of the proposed Convention Center. All of us are committed to ensuring that this critical project, so vital to the District's future, goes forward without delay. |
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