You Scratch My Back, I'll Scratch Yours
District of Columbia officials will consider eight different private funding options to pay for a new baseball stadium along the banks of the Anacostia River. Each submission accompanied a non-refundable fee of $10,000 that was intended to discourage all but the most serious proposals. Recent legislation passed by the D.C. City Council approved the raising of up to $500 million in bonds to help pay for the stadium. Some of the new proposals have the potential to generate enough money to completely pay for construction of the stadium. One proposal from the Cleveland-based Gates Group would completely pay for stadium and underground parking garage construction costs in addition to facility improvements in the surrounding neighborhood. In exchange, the developer would own land outside of the stadium, which could be used to build a mixed-use community, a conference center, or a hotel. Another proposal would gather funds from private investors to pay for the stadium in exchange for the ability to write off depreciation for 20 years.
Thanks to Peter Buryk