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AIMD-95-209R 1 (1995-07-26)

handle is hein.gao/gaobackwr0001 and id is 1 raw text is: lAO United States General Accounting Office Washington, D.C. 20548 Accounting and Information Management Division B-262117 July 26, 1995 The Honorable Thomas M. Davis III Chairman, Subcommittee on the District of Columbia Committee on Government Reform and Oversight House of Representatives Dear Mr. Chairman: This letter responds to your request for a status report updating our July 12, 1995, testimony1 on the proposed new sports arena project in the District of Columbia. Specifically, you requested an update on (1) the predevelopment project costs, (2) the status of the proposals to finance the costs, and (3) the revenues from the new Arena Tax. PREDEVELOPMENT PROJECT COSTS There have been no changes to the District's estimated predevelopment costs for the sports arena project discussed in our testimony. As shown in the enclosure to this letter, the District's estimated costs for the project still total $56.3 million. Events and circumstances may occur, however, to change these cost estimates. For example, the final cost for the connection of the Gallery Place Metrorail Station to the sports arena could change after the design plans are completed. In addition, if the District receives approval for a $15 million Capital Assistance Grant under the provisions of the Intermodal Surface Transportation Act of 19912 to finance the construction costs of the Metrorail connection, the District would lower its financing requirements by about $10.8 million. 'District of Columbia: Status of Sports Arena and Convention Center Projects (GAO/T-AIMD-95-189, July 12, 1995). 2Public Law 102-240, 105 Stat. 2090 (Dec. 18, 1991) authorizes the Secretary of Transportation to make grants or loans to assist states and local public bodies and agencies to finance the acquisition, construction, reconstruction, and improvement of facilities and equipment for use, by operation or lease, in mass transportation service in urban areas. GAO/AIMD-95-209R Sports Arena

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