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Economic Development: Status of Convention Center Project

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Report Type Reports and Testimonies
Report Date Feb. 21, 1996
Report No. AIMD-96-44R
Subject
Summary:

Pursuant to a congressional request, GAO provided information on the status of the District of Columbia's convention center project, focusing on the: (1) predevelopment and capital project costs; (2) project's financing; (3) revenues generated from dedicated taxes; and (4) project's timetable for completion. GAO noted that: (1) the District estimated predevelopment and capital project costs at about $39.7 million for fiscal years (FY) 1996 through FY 1999, but this cost estimate is not reliable, since the design and size of the project are expected to change; (2) the District plans to use revenue bonds backed by dedicated taxes and the sale of the existing convention center to finance the project; (3) as of December 20, 1995, the District has collected $35.2 million from dedicated tax revenues and projects revenues of $35.4 million for FY 1996; and (4) the date for completing the project has been extended to 2000, since most critical steps needed for completion have not yet begun.

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