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Chairman Linda W. Cropp
A BILL IN THE COUNCIL OF THE DISTRICT OF COLUMBIA Chairman Linda W. Cropp, introduced the following bill, which was referred to the Committee on Economic Development. To impose a $300 million cap on the District's contribution to the project budget for hard costs and a $175 million cap on the District's contribution to the project budget for certain soft 10 costs of the proposed ballpark. BE IT ENACTED BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this act may be cited as the "Ballpark Hard and Soft Costs Cap Act of 2006". Sec. 2. (a)(1) For the purposes of this act, the term "hard costs" means the direct construction and Builders Contingency costs estimated as $295,075,993 and $24,924,007, respectively, in the revised budget for the Ballpark transmitted by the Sports and Entertainment Commission to the Council on February 3, 2006.
(b) The District's contribution of bond proceeds from public financing to the project budget for hard costs and soft costs of the Ballpark, as that term is defined in section 105(a)(1) of the Ballpark Omnibus Financing and Revenue Act of 2004, effective April 8, 2005 (D.C. Law 15-320; D.C. Official Code § 10-1601.05(a)(1)), shall not exceed $300 million and $175,184,218, respectively, excluding the costs for land acquisition, environmental remediation, relocation, and demolition currently estimated at approximately $111,615,782, as reflected in the revised project budget for the Ballpark transmitted by the Sports and Entertainment Commission to the Council on February 3, 2006. (c) The expenditure limits of $300 million and $175,184,218 include in their calculation public dollars from whatever source expended by the District government or any of its independent agencies or instrumentalities. Sec. 3. (a) The hard costs for the Ballpark in excess of $300 million and the soft costs in excess of $175,184,218 shall be paid by:
(b) The bond indenture fees needed to finance the Ballpark project, referred to in subsection (a)(3(C) of this section, includes the approximate $37 million in baseball revenue collected in 2005 (plus interest), the approximate $30 million interest earned from the borrowing, and the approximate $9 million premium received on the sale of the Ballpark bonds. These fees shall not exceed the total cap set forth in this act. (c) Any revenue derived from development rights on the Ballpark Site, as that term is defined in section 105(a)(2) of the Ballpark Omnibus Financing and Revenue Act of 2004, effective April 8, 2005 (D.C. Law 15-320; D.C. Official Code § 10-1601.05(a)(2)), by the Anacostia Waterfront Corporation or any District governmental entity, independent agency or instrumentality shall not be used for any overruns on the hard and soft costs of the Ballpark but may be used for any overruns on the land acquisition and remediation costs which are documented. (d) The Council hereby authorizes the sources listed in subsection (a) of this section to be used to cover any amount of the hard costs of the Ballpark in excess of $300 million and any amount of the soft costs in excess of $175,184,218. Sec. 4. Development rights. (a) The District government, or one of its instrumentalities such as the Anacostia Waterfront Corporation, shall control development rights on the north side of the Ballpark Site and all but 210,000 (Floor Area Ratio) square feet of development rights reserved for Team purposes on the south side of the Ballpark Site. Development on the east side of the Ballpark Site, on First Street, S.E., shall generate revenue to the District and shall be developed in accordance with a plan approved by the Council. (b) Any excess revenues derived from development rights that are not used for costs overruns for land acquisition and environmental remediation shall be deposited into the Community Benefit Fund, established in section 202 of the Ballpark Omnibus Financing and Revenue Act of 2004, effective April 8, 2005 (D.C. Law 15-320; D.C. Official Code § 10-1602.02). Sec. 5. Monthly reports. The Commission shall submit a monthly report to the Council of the Ballpark expenditures no later than the 15th of each month. Sec. 6. Conforming amendment. Section 103 of the Ballpark Omnibus Financing and Revenue Act of 2004, effective April 8, 2005 (D.C. Law 15-320; D.C. Official Code § 10-1601.03), is amended by adding a new subsection (j) at the end to read as follows:
Sec. 7. Fiscal impact statement. The Council adopts the fiscal impact statement prepared by the Office of the Chief Financial Officer as the fiscal impact statement required by section 602(c)(3) of the District of Columbia Home Rule Act, approved December 24, 1973 (87 Stat. 813; D.C. Official Code §1-206.02(c)(3)). Sec. 8. This act shall take effect following approval by the Mayor (or in the event of veto by the Mayor, action by the Council to override the veto), a 30-day period of Congressional review, as provided in section 602(c)(1) of the District of Columbia Home Rule Act, approved December 24, 1973 (87 Stat. 813; D.C. Official Code §1-206.02(c)(1)). |
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