(Washington, DC) As required by the Private or Alternative Stadium Financing and Cost Trigger Emergency Act of 2004, the District of Columbia Office of the Chief Financial Officer (OCFO) has issued a report on alternative financing plans submitted for the construction of a baseball stadium.
The Chief Financial Officer has certified two of the eight proposals submitted for meeting the intended goals of: 1) reducing the total amount of bonds the District would need to issue, 2) reducing the Ballpark Fee needed to support debt service, and 3) providing additional financial benefits with minimal additional financial risk.
The plans submitted by Deutsche Bank and The Gates Group were certified as alternative financing vehicles based on the criteria outlined above. Further details on how the criteria were met by these respondents are included in the documents below.
Six proposals did not meet the intended goals for alternative financing. They included proposals from: Baseball Village Associates; DC Baseball Associates; DSG Capital Group; The Dubois Group; Global Development Partners; and HooverMilstein. Further details on how the criteria were not met by these respondents are included in the documents below.
Respondents had to submit a non-refundable $10,000 fee in order for the OCFO Office of Economic Development Finance to review and evaluate their submitted plans.