Chairman Linda Cropp 
Private Financing Amendment to Bill 15-1028, as passed on
December 14, 2004

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(Section 2 of Emergency Legislation;, Section 107 of Permanent Legislation - Bill 15-1028)

(Language on page 3 in bold adopted 12/14/04, adding to language adopted on 11/30/04, subject to technical amendments being prepared by the Council's General Counsel)

Sec.   Requirement to invite and evaluate private financing.

(a) For purposes of this section, the term "ballpark" means the new baseball stadium to be constructed pursuant to the Ballpark Omnibus Financing and Revenue Act of 2004, passed on 2nd reading on November 30, 2004 (Enrolled version of Bill 15-1028) ("Ballpark Act").

(b) There is hereby established the Baseball Financing Review Fund as a segregated, non-lapsing special revenue fund in the District separate and apart from the General Fund of the District of Columbia. All fees specifically identified by subsection (c) of this -section shall be deposited into the Baseball Financing Review Fund without regard to fiscal year limitation pursuant to an act of Congress. All fees deposited into the Baseball Financing Review Fund shall not revert to the General Fund of the District of Columbia at the end of any fiscal year or at any other time, and shall be continually available to pay or reimburse the cost of services related to the evaluation and reporting of proposals as required by subsections (d) and (e) of this section, subject to authorization by Congress in an appropriations act.

(c)(1) Within 30 days of the effective date of this act, the Chief Financial Officer shall cause to be published in the District of Columbia Register and other publications considered appropriate by the Chief Financial Officer a notice that the District is seeking the submission of supplemental or alternative financing plans and proposals for the development and construction of the ballpark in accordance with sections 105 and 106 of the Ballpark Act that would provide for a meaningful and substantial reduction in:

(A) The minimum annual amount of ballpark fees required to be collected under proposed D.C. Official Code § 47-2762; and

(B) The principal amount of bonds that the District would otherwise need to issue under sections 103 and 106(b) of the Ballpark Act.

(2) Any party submitting a supplemental or alternative financing plan or proposal shall also submit a reasonable proposal fee, in an amount to be determined by the Chief Financial Officer, to defray the costs to the District of evaluating and reporting upon the supplemental or alternative financing plan or proposal. All proposal fees shall be deposited into the Baseball Financing Review Fund.

(d)(1) The Chief Financial Officer, in consultation with the Mayor and the Council, shall:

(A) Establish criteria for the requested supplemental or alternative financing plans and proposals, and include this criteria within the notice required by subsection (c) of this section; and

(B) Evaluate such proposals in accordance with the criteria.

(2) The criteria shall limit consideration to only bona fide supplemental or alternative financing plans and proposals that have been submitted by parties that:

(A) Are financially capable of performing the supplemental or alternative financing plan and proposal; and

(B) Substantially reduce the amount or duration of the proposed ballpark fee as set forth in the Ballpark Act.

(e)(1) Within 120 days of the effective date of the Private or Alternative Stadium Financing and Cost Trigger Emergency Act of 2004, and not less than 30 days prior to the issuance of the bonds authorized by the Ballpark Act, the Chief Financial Officer shall deliver a report to the Mayor and the Council, describing and evaluating all supplemental or alternative financing plans and proposals that were submitted in accordance with subsections (c) and (d) of this section.

(2)(A) If the Chief Financial Officer finds that at least one supplemental or alternative financing plan or proposal meets the criteria established pursuant to subsections (c) and (d) of this section, the Mayor, within 30 days of the submission of the report by the Chief Financial Officer, shall submit proposed legislation to the Council to replace part or all of the public financing otherwise required by the Ballpark Act and thereby substantially reduce the amount or duration of the proposed ballpark fee.

"(B) Private financing for the construction of the stadium shall reach at least 50%. If the legislation for private financing, which includes a certified proposal submitted by the CFO, is not submitted to the Council by the deadline set forth in subparagraph (A) of this paragraph, the Ballpark Act shall expire."

(f) This section shall not create any legal obligation or liability on the part of the District to any party who submits a supplemental or alternative financing plan or proposal pursuant to this section.