Since January, 2003
            
 Sliding from Before to After

The city council's Committee on Finance and Revenue held a hearing last Thursday (Nov. 12) on B18-475, the "Arthur Capper/Carrollsburg Public Revenue Bonds Amendment Act of 2009," which has been introduced to allow the CFO's office to issue $32 million in city-backed bonds to help fund "phase 3" infrastructure improvements at Capper/Carrollsburg. This would be in addition to the $9.5 million in stimulus money that DCHA was awarded by HUD that will allow the phase 2 townhouses at Capitol Quarter to go forward, possibly by the third quarter of 2010 if current financing negotiations with EYA go smoothly.
(Quick background: This infrastructure work would be a combination of underground work on the Second Street blocks around Canal Park, the relocation of the DPW operations at New Jersey and K and demolition of that block, and perhaps the construction of I Street between Second and New Jersey. These projects were originally expected to be funded by the sale of unrated municipal bonds, but the current Economic Difficulties have made those sorts of bonds all but extinct, and additional attempts to secure loans from banks for the money have been fruitless as well. Read this for more details.)
The hearing was pretty straightforward--you can watch it via streaming video, plus I've managed to procure the prepared written testimony of David Cortiella from DCHA if you're more of a reader than a watcher (like me!). The main takeaways:
* The city is intending to sell $32 million in short-term bonds, and will cover the estimated $600,000 a year in costs from funds in an industrial revenue bonds assessment fund held by the Office of the Deputy Mayor for Planning and Economic Development. After three years, when presumably the bond market is a bit healthier and Capper's own PILOT fund has begun to receive payments, long-term bonds will be issued. John Ross of the CFO's office called this "a very clever arrangement."
* Because the council originally approved a $55 million bond offering as part of the original Capper PILOT legislation, the cost of these bonds is already reflected in the city's budget.
* DCHA and the CFO are asking that this bill be approved on an emergency basis at the council's December meeting, so that the bonds could be sold during late December or early January, which is apparently a good bond-selling time of year. (Christmas bonds for everyone!)
* Cortiella mentioned that DCHA is also investigating a change in the tax code that may allow the financing of the 189-unit apartment building planned for the old Capper Seniors site at Seventh and L (Square 882) by the third quarter of 2010.
* Money has already begun to flow into the Capper PILOT thanks to the completed houses in Capitol Quarter, and if the phase 1 and 2 townhouses and Square 882 apartments are finished as currently scheduled, approximately $1.2 million will be flowing to the PILOT fund each year by 2012. (It's the PILOT fund that then pays back the bonds.)
Jack Evans--the only councilmember at the hearing--was receptive to the plans and also to moving the bill as emergency legislation, calling it "a good project" and saying it should "definitely move forward." He also made sure to note that, since the new bonds are being backed with proceeds from the Gallery Place TIF, that the city will be "backing Ward 6 projects with Ward 2 money": "We're always helpful when we can be helpful," he said. He also reminisced that, when he first ran for city council in 1991, Near Southeast was in Ward 2, and that he received all of six votes across the entire precinct in the 13-man primary.
The council's December legislative meeting is scheduled for Dec. 15.
Comments (0)
   
 
 More About Capper
 All posts: Capper

JDLand.com Home

Comments

No comments posted.

Add a Comment:

Comments are closed for this post.

JDLand Comments RSS Feed


 More News


See All Current News Items | Full Blog Archive

 
 Top News

Westnorth on 2017 Development Update: Remember that developers ultimately build what the banks want, not what end user...
conngs0 on 2017 Development Update: Thanks, JD. I hope that your out-of-pocket status is a consequence of doing som...
Shogungts on 2017 Development Update: @SWAG re: H&C I like Hugh & Crye and think their approach to sizing is ...

Get JDLand Updates In Your Inbox!



City Government Data for Near Southeast Records added or updated recently displayed here; click the "archive" links to see additional detail and older records. All data from DC Government databases and RSS feeds. JDLand takes no responsibility for errors, omissions, etc. (read CapStat disclaimer). Data is retrieved daily.

Recent Crime Incidents Archive  
400 B/O M ST SE   THEFT
Shoplifting
 04/20/17
200 B/O M ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 04/17/17
100 B/O L ST SE   THEFT FROM AUTO
Theft 2nd Degree (theft From Motor Vehicle)
 04/17/17
1400 B/O SOUTH CAPITOL ST   THEFT
Theft 2nd Degree (all Other Larceny)
 04/17/17
1100 B/O NEW JERSEY AVE SE   THEFT
Shoplifting
 04/13/17
400 B/O M ST SE   THEFT
Shoplifting
 04/12/17
1200 SOUTH CAPITOL ST SE   THEFT
Theft 2nd Degree (theft From Building)
 04/10/17
1300 B/O 4TH ST SE   THEFT FROM AUTO
Theft 2nd Degree (theft From Motor Vehicle)
 04/09/17
100 B/O M ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 04/08/17
400 B/O M ST SE   THEFT
Shoplifting
 04/06/17
400 B/O M ST SE   BURGLARY
Burglary Two
 04/05/17
400 B/O M ST SE   ASSAULT WITH A DANGEROUS WEAPON  04/05/17
1200 B/O 4TH ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 04/02/17
900 B/O 3RD ST SE   THEFT FROM AUTO
Theft (theft From Motor Vehicle)
 04/01/17
1100 B/O NEW JERSEY AVE SE   THEFT
Shoplifting
 03/28/17
70 B/O I ST SE   THEFT FROM AUTO
Theft First Degree (theft From Motor Vehicle)
 03/27/17
100 B/O L ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 03/27/17
900 B/O 3RD PLACE SE   THEFT
Theft 2nd Degree (all Other Larceny)
 03/26/17
50 B/O M ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 03/26/17

Recent Issued Building Permits Archive  
No records added or modified in the past two weeks.

Real Property Sales Archive  
No commercial transaction records added or modified in the past two weeks.


Project Directory
Completed
Insignia on M ('17)
F1rst/Residence Inn ('17)
One Hill South ('17)
Homewood Suites ('16)
ORE 82 ('16)
The Bixby ('16)
Dock 79 ('16)
Community Center ('16)
The Brig ('16)
Park Chelsea ('16)
Yards/Arris ('16)
Hampton Inn ('15)
Southeast Blvd. ('15)
11th St. Bridges ('15)
Parc Riverside ('14)
Twelve12/Yards ('14)
Lumber Shed ('13)
Boilermaker Shops ('13)
Camden South Capitol ('13)
Canal Park ('12)
Capitol Quarter ('12)
225 Virginia/200 I ('12)
Foundry Lofts ('12)
1015 Half Street ('10)
Yards Park ('10)
Velocity Condos ('09)
Teague Park ('09)
909 New Jersey Ave. ('09)
55 M ('09)
100 M ('08)
Onyx ('08)
70/100 I ('08)
Nationals Park ('08)
Seniors Bldg Demo ('07)
400 M ('07)
Douglass Bridge Fix ('07)
US DOT HQ ('07)
20 M ('07)
Capper Seniors 1 ('06)
Capitol Hill Tower ('06)
Courtyard/Marriott ('06)
Marine Barracks ('04)


Overviews
Capper/Carrollsburg
Anacostia Riverwalk
New Jersey Avenue
M Street
South Capitol Street
The Yards
Lower 8th Street
East M Street
Boathouse Row





                  © Copyright 2017 JD.