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AIMD-96-43R 1 (1996-02-21)

handle is hein.gao/gaobaclbq0001 and id is 1 raw text is: GA O United States General Accounting Office Washington, D.C. 20548 Accounting and Information Management Division B-271116 February 21, 1996 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 the information in our July 26, 1995, letter' 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 issuance of bonds to finance the predevelopment costs, and (3) the revenues from the new Arena Tax. PREDEVELOPMENT PROJECT COSTS The District's estimated predevelopment costs to be financed (land acquisition, Metrorail connection, environmental remediation, and utility relocations) for the new sports arena increased by about $11.6 million since late July 1995-with land acquisition representing the largest increase, at about $4 million. However, primarily due to a federal Department of Transportation grant award, the District's share of Metrorail connection costs was reduced by about $12.7 million.2 Thus, total estimated predevelopment costs to be financed by the District have remained relatively constant at about $55 million, as shown in table 1. 'Sports Arena (GAO/AIMD-95-209R, July 26, 1995). qThis grant was not included in the revised July 1995 budget because it was not yet finalized at that time. 2GAO/AIMD-96-43R Sports Arena

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