Organiza.gif (1182 bytes)

Home     Organizations

Back to Shaw Coalition home page

Risky financing scheme proposed for convention center




Dorothy Brizill
Bonnie Cain
Jim Dougherty
Gary Imhoff
Phil Mendelson
Mark David Richards
Sandra Seegars


DCWatch Archives
Council Period 12
Council Period 13
Council Period 14

Election 1998
Election 2000
Election 2002

Election 2004
Election 2006

Government and People
Anacostia Waterfront Corporation
Boards and Com
Campaign Finance
Chief Financial Officer
Chief Management Officer
City Council
Control Board
Corporation Counsel
DC Agenda
Elections and Ethics
Fire Department
FOI Officers
Inspector General
Housing and Community Dev.
Human Services
Mayor's Office
Mental Health
Motor Vehicles
Neighborhood Action
National Capital Revitalization Corp.
Planning and Econ. Dev.
Planning, Office of
Police Department
Property Management
Public Advocate
Public Libraries
Public Schools
Public Service Commission
Public Works
Regional Mobility Panel
Sports and Entertainment Com.
Taxi Commission
Telephone Directory
University of DC
Water and Sewer Administration
Youth Rehabilitation Services
Zoning Commission

Issues in DC Politics

Budget issues
DC Flag
DC General, PBC
Gun issues
Health issues
Housing initiatives
Mayor’s mansion
Public Benefit Corporation
Regional Mobility
Reservation 13
Tax Rev Comm
Term limits repeal
Voting rights, statehood
Williams’s Fundraising Scandals


Appleseed Center
Cardozo Shaw Neigh.Assoc.
Committee of 100
Fed of Citizens Assocs
League of Women Voters
Parents United
Shaw Coalition



What Is DCWatch?

themail archives

October 1, 1997

DC Council to hold unpublicized hearing this morning 10 am

A risky financing plan including the use of "interest rate swaps" or derivatives -- the high-risk investments that bankrupted Orange County, CA -- is being proposed to bailout the troubled financing plan for the proposed new convention center. Without any apparent public notice or voluntary publicity, the D.C. council is to hear testimony on the "Washington Convention Center Financing Amendment Act of 1997, Bill 12-379" today at 10 am at the council's chambers at 441 4th St. NW, lst floor.

The financing scheme also includes an unusual contracting deal between the Washington Convention Center Authority, the Washington Convention Visitors Association and the D.C. Committee to Promote Washington -- as well as a measure to extend debt service on the project from 30 to 40 years. Extending the debt service by 10 years would raise the overall cost of the project by tens of millions of dollars.

"California bailed out Orange County when they got burned by derivatives, so who is going bail out D.C.?" said Advisory Neighborhood Commissioner Leroy Thorpe. "Financial authorities need to wake up and stop this attempt to take advantage of us."

The bill was introduced by Councilmember Charlene Drew Jarvis; it is cosponsored by Councilmembers Thomas, Evans, Allen, Mason and Chairman Cropp.

A new report by the Government Accounting Office released Thursday says the Washington Convention Center Authority does not have the money to build the proposed $650 million convention center. Recent reports indicate that construction costs for the project may be $100 million higher than expected -- over and above the $650 million budget.

For more information, contact: Beth Solomon, Shaw Coalition (202) 789-7864.

Back to top of page

Send mail with questions or comments to
Web site copyright ©DCWatch (ISSN 1546-4296)