In Washington, D.C., a publicly-financed convention center that was promoted four years ago by local officials as a shot in the arm for the city's economy has turned out to be less than successful. But the city has a plan to revive the dream.
"Nearly four years ago, city officials opened the $850 million Washington Convention Center with a string of superlatives. The largest publicly financed project ever built in the city, they said, would attract more than a million visitors a year, fill hotels and set off an economic boom."
"Instead, convention attendance is dropping, the surrounding neighborhood is yet to be transformed by the promised new development, and conventioneers are filling fewer hotel rooms than expected."
"The city's solution is to increase its investment, pressing ahead with plans to build a $550 million hotel next to the convention center, financed in part with a $135 million tax subsidy from the city, which convention center officials expect to be repaid with tax revenue generated by the project. The rest will be privately financed."
FULL STORY: Convention Center Not Living Up to Lofty Goals
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