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Chief Financial Officer Natwar M. Gandhi
Memorandum on proposed Ballpark Hard and Soft Costs Cap and Ballpark Lease Conditional Approval Emergency Act of 2006
February 7, 2006




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Office of the Chief Financial Officer
1350 Pennsylvania Avenue, N.W., Suite 203, Washington, DC 20004 (202) 727-2476 Fax (202) 727-1643

Natwar M. Gandhi
Chief Financial Officer


TO:   The Honorable Linda W. Cropp
Chairman, Council of the District of Columbia
FROM: Natwar M. Gandhi
Chief Financial Officer
DATE:   FEB -7 2006
SUBJECT: Proposed "Ballpark Hard and Soft Costs Cap and Ballpark Lease Conditional Approval Emergency Act of 2006"

I write this memorandum to alert you to the impact that the above-referenced legislation would have on the District's ability to issue bonds and proceed with the ballpark project. Based on my review of the proposed emergency legislation, I will not be able to go to Wall Street until the lease has been revised and submitted to the Council. The impact of this proposed legislation is that no validly approved lease will exist until this condition of a revised lease agreement is satisfied. As I indicated in the fall of 2005, Wall Street will not give any credit to the lease until it is fully executed and validly approved under local law. The proposed legislation requires this revised lease to be submitted no later than March 7, 2006 or the lease will be disapproved.

As soon as the lease is revised and submitted in accordance with the legislation, I can proceed to issue the bonds. However, significant delay in raising the funds and beginning construction may increase the cost of building the stadium.

I am available if you have any questions or concerns. 

Distribution List

The Honorable Anthony A. Williams, Mayor of the District of Columbia 
The Honorable Carol Schwartz (At-Large)
The Honorable David Catania (At-Large)
The Honorable Phil Mendelson (At-Large)
The Honorable Kwame R Brown (At-Large)
The Honorable Jim Graham (Ward 1)
The Honorable Jack Evans (Ward 2)
The Honorable Kathleen Patterson (Ward 3)
The Honorable Adrian Fenty (Ward 4)
The Honorable Vincent Orange (Ward 5)
The Honorable Sharon Ambrose (Ward 6)
The Honorable Vincent G. Gray (Ward 7)
The Honorable Marion Barry (Ward 8)
Robert Bobb, Deputy Mayor and City Administrator 
Alfreda V. Davis, Chief of Staff to the Mayor
Arte Blitzstein, Budget Director, Council of the District of Columbia 
Rob Miller, Legislative Council, Office of the Chairman
Mark Tuohey, Chairman, D.C. Sports and Entertainment Commission

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