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District of Columbia: Final Status on the Sports Arena

  Premium   Download PDF Now (21 pages)
Report Type Reports and Testimonies
Report Date July 27, 1998
Report No. AIMD-98-223
Subject
Summary:

The District of Columbia has spent about $60 million, or about 98 percent of the estimated total cost of predevelopment activities, for the sports arena project. The District's $5 million in remaining funds for predevelopment costs for the sports arena appears to be enough to meet all estimated remaining expenditures. Collections from the dedicated arena tax have been more than sufficient to pay principal and interest of about $5.9 million annually on the bonds issued to finance predevelopment expenses. GAO's analysis shows that, if the present levels of collections are sustained and revenues from the ground lease of the sports arena and the existing debt service reserve funds are used, all of the arena bonds would be paid by 2002, about eight years before the 2010 maturity date. This redemption schedule would save the District about $16.4 million in interest costs and would allow about $7.7 million to be transferred to the District's general fund.

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