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Old February 9 2009, 04:38 PM   #14
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Re: Demise of an Olympic Stadium

Babaganoosh wrote: View Post
DJP691 wrote: View Post
Babaganoosh wrote: View Post

Not really sure what you're getting at here; the Expos are now the Washington Nationals, and their new park is hardly dilapidated (it was only just completed last year). And I believe it's fully paid for - without taxpayer funds.
DC taxpayers dropped some $600 million on the Nationals new stadium.
I'm only going by what I read here. Specifically:

Financing for the stadium was expected to be provided by a banking syndicate led by Deutsche Bank. However, finalization of the financing deal stalled due to complex negotiations among the city government, MLB as owner of the team, and the bank. The bank requested a letter of credit or comparable financial guarantee against stadium rent to cover risks such as poor attendance or terrorism. The requested guarantee was $24 million, with the city requesting that MLB provide the guarantee.
That had to do with cost overruns that the DC City Council finally said were too much. This was after the City had agreed to a slowly increasing cost (to the City) from $450 million, through the 500s, and finally to $693 million after construction materials rose in cost following Katrina.

In Dec. 2004, DC and MLB agreed to a public financing package to build a 41,888-seat baseball stadium, allowing the former Expos to move to DC. In Feb. 2006 the DC City Council capped the city's expenditures on the project at $611 million, though land acquisition and other costs eventually drove the price tag to $693 million. The stadium, dubbed Nationals Park until naming rights have been awarded, opened officially on March 30, 2008, when the Nationals beat the Atlanta Braves 3-2.
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