Nationals Baseball Stadium Deal is a Home Run

[Luke_Wilbur]

1. The White House agrees to include $20 million in the FY 2007 budget to improve and expand the Navy Yard Metro stop.

 

2. Private developers agree to pay for road improvements in the area.

 

3. Residents will not be taxed to pay for the ballpark.

 

4. Major League Baseball (MLB) agrees to contribute an extra $20 million to ballpark development.

 

5. The District has capped its exposure on construction costs by agreeing with Clark/Hunt/Smoot, the joint venture firm selected to build the stadium, on a $320 million Guaranteed Maximum Price Contract.

 

6. MLB agrees to help create a new youth baseball academy with a $3.5 million contribution.

 

7. MLB agrees to increase the number of free tickets given to DC young people from 8,000 to 10,000 per year.

 

8. MLB agrees to hold a meeting in the District of all team owners before the summer of 2008.

 

9. MLB agrees that players will make a minimum of 50 youth, educational or charitable appearances a year in the District.

 

10. MLB agrees to allow the District to sell rights to air rights over stadium-related program elements, to the extent they exist – about one million square feet – and to allow the city to retain 100 percent of the development profit to offset land acquisition costs.

 

11. MLB agrees that the District may retain two-thirds of the revenue from non-event parking – those revenues would continue for 30 years.

 

12. MLB agrees to pay annual team rent in a lump sum in advance of each season to help the District achieve an investment-grade bond rating.

 

13. MLB agrees to put up a letter of credit for a one-year rent reserve, helping to ensure investment-grade rating and to waive “set-off rights” against its annual rent and to bear associated costs.

 

14. MLB agrees that if the stadium is completed late, the Nationals will continue to pay 50 percent rent while at RFK for the 2008 season.

 

15. MLB agrees that the Nationals organization will make the District its principal place of business.

 

16. Clark Construction agrees that 50 percent of construction work will go to LSDBE subcontractors.

 

17. Clark Construction agrees to hire and train District residents as apprentices.