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D.C. DOES NOT HAVE ENOUGH MONEY TO PAY FOR THE PROPOSED NEW CONVENTION CENTER,
SO THE D.C. COUNCIL PLANS TO RAISE YOUR TAXES
The Council is set to vote for a bill that would direct the Mayor to raise taxes to pay for the convention center if available funds are short. From D.C. Council Bill 12-379 'The Mayor shall impose a surtax, to become effective on before the first day of the upcoming fiscal year, on each of those taxes dedicated to the Authority, except the tax on sales of restaurant meals and alcoholic beverages, in an amount equal to the pro rata share of the difference between (i) the sum of the projected expenditures and reserve requirements ...and (ii) the projected revenues."
AFFECTED TAXES INCLUDE
THERE IS NO CAP ON THESE TAXES. THE LAW WOULD REQUIRE TAX INCREASES TO PAY FOR ANY FINANCING SHORTFALL.
THE COST OF THE NEW CONVENTION CENTER IS SKYROCKETING
Meanwhile, the choice of the Mt. Vernon Square site for a new convention center -- requiring excavation to build 500,000 sq. ft. of exhibition space underground and the construction of extensive truck tunnels and ramps below and above ground -- is driving initial estimated costs for the project upward. As late as Sept. 25, 1997, the U.S. Government Accounting Office said the total cost of the project is "uncertain."
Washington Convention Center Authority 1993 Estimate, $455 million
RESULT: UNLIMITED TAXATION TO PAY FOR A PROJECT WHOSE COSTS ARE OUT OF CONTROL BEFORE. CONSTRUCTION BEGINS
Testify: D.C. Council Hearing on Bill 12-379
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