Conclusion

If the necessary agreements are negotiated (including financing for the full project cost) and Council actions are passed in a timely manner, the WDC Baseball Partners project could be completed for the 2008 season. However, as I have noted in my testimony today, in addition to the customary give and take of negotiations in any set of commercial arrangements of the type contemplated by the WDC Baseball Partners’ proposal, there are a number of threshold issues relating to getting a lender comfortable with the state of title for the stadium site and obtaining necessary consents from the team on design that could significantly delay the start of construction. Accordingly, we believe the proposal substantially increases the risk that the stadium will not be completed on time and on budget.

We also find that there may be other, less risky ways to provide the parking required in the Baseball Stadium Agreement, as described in the four options presented above. The cost of delays is substantial. The District is committed to build a new 42,000 seat baseball stadium on time and on budget. It has made that commitment to the new owners of the baseball team, the financial markets and the purchasers of our bonds, and to the residents of our city. A great deal is at stake. Concrete actions must be taken. We stand ready to help in any way that we can.

Thank you for the opportunity to testify. This concludes my testimony, and I am happy to answer any questions you have at this time.