Chairman Linda W. Cropp on behalf of the Washington Convention
Center Authority
A PROPOSED RESOLUTION IN THE COUNCIL OF THE DISTRICT OF COLUMBIA
To approve, the Washington Convention Center Authority’s Proposal for the issuance
of Dedicated Tax Revenue Bonds to finance a New Convention Center
RESOLVED, BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, that this resolution may
be cited as the “Washington Convention Center Authority Dedicated Tax Revenue Bond
Resolution of 1998”.
Sec.2. Pursuant to section 204 of the “Washington Convention
Center Authority Act of 1994, as amended (D.C. Law 10-188, D.C. Code §9-805) (the
“Act”), the Council of the District of Columbia approves the Washington
Convention Center Authority’s (the “Authority”) proposal for issuance of its not
to exceed $650,000,000 Dedicated Tax Revenue Bonds (the “Bonds”), to finance, in
accordance with the provisions of the Act, the Costs of a New Convention Center (as those
terms are defined in the Act) to be located in the District of Columbia.
Sec. 3. Pursuant to section 21 3(c) of the Act (D.C. Code §9-81
4(c)), the Council of the District of Columbia approves the following reserves to be
maintained by the Authority in connection with the issuance of the Bonds:
(a) Operating reserves to be funded in the aggregate at a level not to exceed 3 times
the annual operating and marketing expenditures of the Authority; and
(b) A capital renewal and replacement reserve, to be funded at a level not to exceed 5%
of the total Costs for the New Convention Center, adjusted for inflation.
Sec. 4. The Council of the District of Columbia shall transmit a copy
of this resolution upon its adoption, to the General Manager of the Washington Convention
Center Authority and to the Office of the Mayor.
Sec. 5. This resolution shall take effect immediately.
WASHINGTON CONVENTION CENTER
AUTHORITY
Dedicated Tax Revenue Bonds, 1998 Series
Sources and Uses of Bond-Related Funds
| Series 1998 Senior Lien Bonds | Series 1998 Senior Sub Lien Bonds | TOTAL AMOUNTS | |
| Sources: | |||
| 512,740,000 | 132,806,417 | 645.545,417 |
| 512,749,000 | 90,970,000 | 603,710,000 |
| 0 | 41,835417 | 41,835,417 |
| (25,239,450) | (4,612,377) | (30,013,826) |
| 0 | 0 | 0 |
| Total Sources of Funds | 487,347,550 | 128,184,040 | 615,531,591 |
| Uses: | |||
| 445,417,434 | 104,705,170 | 550,122,604 |
| 0 | 9,064,396 | 9,064,396 |
| 31,581,560 | 12,818,404 | 44,399,964 |
| |||
| 5,362,221 | 0 | 5,366,221 |
| 3,956,855 | 1,330,460 | 5,287,315 |
| 1,025,480 | 265,611 | 1,291,091 |
| 0 | 0 | 0 |
| Total Uses of Funds | 487,347,550 | 128,184,040 | 615,531,591 |
| SUMMARY OF FINANCIAL INFORMATION | |||
| 5.405629% | 5.873923% | 5.527338% |
| 5.472776% | 5.941513% | 5.594443% |
| 5.490319% | 5.955124% | 5.610965% |
| 21.95 Yrs. | 18.68 Yrs. | 22.31 Yrs. |
| 31,581,560 | 18.305,000 | 49,883.750 |
WASHINGTON CONVENTION CENTER AUTHORITY
NEW WASHINGTON CONVENTION CENTER COST ESTIMATE
JUNE 19, 1998
| PRE-DEVELOPMENT | AS OF JUNE 19, 1998 |
| Land Acquisition | $4,692,000 |
| Consulting and Inspections | 3,600,000 |
| Program Manager | 7,749,000 |
| 8,883,000 |
| Financial Advisory Services | 910,000 |
| Environmental Impact Study | 1,550,000 |
| Legal Services | 2,900,000 |
| A/E Concept Design/Advance Design | 21,240,000 |
| 8,000,000 |
| Owner Controlled Insurance Program | 19,000,000 |
| Permits and Fees | 400,000 |
| Community Outreach | 500,000 |
| $79,424,000 |
| OTHER COSTS | |
| Section 106 Mitigation Costs | |
| 4,000,000 |
| 1,500,000 |
| 88,000 |
| 38,000 |
| 500,000 |
| 2,000,000 |
| 45,000 |
| 2,500,000 |
| 2,000,000 |
| $12,671,000 |
| CONSTRUCTION COSTS | |
| Building and Site | $500,600,000 |
| Soil Remediation & Hazmat | 5,000,000 |
| $505,600,000 |
| EQUIPMENT COSTS | |
| Furniture, Fixtures, & Equipment | $22,305,000 |
| SUBTOTAL PROJECT | $620,000,000 |
| RESERVE FOR CONTINGENCIES | $30,000,000 |
| TOTAL PROJECT COST | $650,000,000 |