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

 
 Recent Posts

CJ1 on Inching from Quarantining: Oh wow... I live at Ore82 and didn't know about any of this.
GarfieldPark on Inching from Quarantining: @JD: Apparently, ORE will be eliminating (or making them smaller) some of it's ...
JD on Inching from Quarantining: Some interesting design notes found in the approved building permit for the thre...
KEWEE on Inching from Quarantining: Jeni's Splendid Ice Creams is coming to the retail space located at The Bower co...
CJBabyDaddy on Inching from Quarantining: Serious workplace accident on the ground this morning at the Chemonics construct...
MJM on Inching from Quarantining: Welcome to the neighborhood Pivot Physical Therapy. Its located behind Sprint (w...
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 K ST SE   MOTOR VEHICLE THEFT
Theft First Degree (Stolen Auto)
 07/06/20
1200 B/O HALF ST SE   THEFT
Theft First Degree (all Other Larceny)
 07/05/20
100 B/O H ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 07/03/20
100 B/O O ST SE   ROBBERY  07/03/20
400 B/O M ST SE   THEFT
Theft 2nd Degree (theft From Building)
 06/28/20
1200 B/O 1ST ST SE   MOTOR VEHICLE THEFT
Theft First Degree (Stolen Auto)
 06/25/20
1200 B/O SOUTH CAPITOL ST SE   THEFT FROM AUTO
Theft First Degree (theft From Motor Vehicle)
 06/23/20
1200 B/O NEW JERSEY AVE SE   ASSAULT WITH A DANGEROUS WEAPON
Assault W/i To Kill
 06/20/20
1000 B/O 3RD PLACE SE   THEFT
Theft 2nd Degree (all Other Larceny)
 06/18/20
800 B/O SOUTH CAPITOL ST SE   ASSAULT WITH A DANGEROUS WEAPON  06/14/20
400 B/O M ST SE   THEFT
Shoplifting
 06/12/20
1000 B/O M ST SE   ROBBERY
Unarmed Carjacking
 06/09/20
UNIT B/O M ST SE   ASSAULT WITH A DANGEROUS WEAPON  06/07/20

Recent Issued Building Permits Archive  
1300 4TH ST SE RU-2   
06/18/20 
AP BOWER RETAIL LLC / MELISSA BRENT
SG2000335 / CONSTRUCTION
Install 1 illuminated wall sign & 1 illuminated blade sign - JENIs ICE CREAM
150 I ST SE   
06/15/20 
SQUARE 737 LLC / BOB BIROONAK; NA; NA
SG2000323 / CONSTRUCTION
two illuminated building sign
151 M ST SE   
06/18/20 
BROOKFIELD PROPERTIES / CHRIS CRESCI; NA
SB2000292 / CONSTRUCTION
WSP will be advancing approximately 50 soil borings to 30 feet, and an additional 8 borings to 4 feet via direct push. A water sample will be collected from 3 of the deep borings. All borings will be abandoned via bentonite grout mix. Investigation derived waste will be stored in DOT 55-gallon steel drums. Private and public utility locating will take place prior to the work beginning
250 M ST SE   
06/19/20 
WILLIAM C SMITH / null
E2008622 / SUPPLEMENTAL
   
06/24/20 
SQUARE 769 LLC / null
M2002834 / SUPPLEMENTAL
   
06/24/20 
SQUARE 769 LLC / null
P2006931 / SUPPLEMENTAL
300 M ST SE   
06/16/20 
FEDERAL CENTER LP / null
E2008501 / SUPPLEMENTAL
   
06/18/20 
FEDERAL CENTER LP / null
E2008587 / SUPPLEMENTAL
111 N ST SE   
06/16/20 
BROOKFIELD PROPERTIES / NA; CHRIS CRESCI
SB2000293 / CONSTRUCTION
WSP will advance 22 soil borings to 25 feet and 8 soil borings to 4 feet via direst push. A groundwater sample will be collected from 2 of the deep borings by installing a temporary well to be in the ground for just a couple hours. Borings will be backfilled with bentonite / grout mix. IDW will be stored in DOT 55-gallon drums. A private and public utility mark out will be completed prior to b...
861 NEW JERSEY AVE SE   
06/10/20 
CXS TRANSPORTATION INC / ;
P2006604 / SUPPLEMENTAL
   
06/19/20 
CXS TRANSPORTATION INC / ;
P2006843 / SUPPLEMENTAL
   
06/22/20 
GREYSTAR GP LLC / KIM MITCHELL
B1903035 / CONSTRUCTION
The proposed project is three structures which are connected by a shared below-grade garage, which is one story deep on the east half of the site and two stories deep on the west half of the site. Two structures will be residential, with a total of 756 units, and the third will be a 225-key hotel. The west residential structure (Building 3) is planned to be 13 stories with ground and roof level am...
   
06/25/20 
CXS TRANSPORTATION INC / ;
P2006972 / SUPPLEMENTAL
1100 NEW JERSEY AVE SE   
06/10/20 
SQUARE 742 LLC, C/O SPAULDING & SLYE/STE 100, / PAUL WHITLEY
AN1900284 / CONSTRUCTION
PROJECT CONSISTS OF: REMOVING: (2) EXISTING EQUIPMENT CABINETS, (3) EXISTING ANTENNA'S, (1) EXISTING RRU'S AND ANCILLARY EQUIPMENT / CABLE AND INSTALLING: (6) PROPOSED ANTENNA'S, (3) PROPOSED RRU'S, AND(2) PROPOSED EQUIPMENT CABINETS ON AN EXISTING TELECOM FACILITY
1111 NEW JERSEY AVE SE   
06/12/20 
GALLERY CAPITOL RIVERFRONT PROPERTY LLC / TRACIE CLAXTON; NA; NA
SG2000257 / CONSTRUCTION
One Wall Mounted Sign illuminated
   
06/24/20 
GALLERY CAPITOL RIVERFRONT PROPERTY LLC / null
P2006938 / SUPPLEMENTAL
401 WATER ST SE   
06/18/20 
BROOKFIELD PROPERTIES / CHRIS CRESCI
SB2000294 / CONSTRUCTION
WSP will advance 23 soil borings to 30 feet and 8 additional borings to 4 feet using direct push. A groundwater sample will be collected from 2 of the deep borings by installing a temporary well. Soil boirngs will be abandoned with bentonite / grout mix. IDW will be stored for disposal in DOT 55-gallon drums. A private and public utility mark out will be completed priot to starting intrusive w...
AH = After Hours; B = Alteration & Repair; D = Demolition; E = Electrical; FB = Boiler; M = Mechanical; P = Plumbing and Gas; PC = Post Card; R = Raze; SG = Sign; TL = Tenant Layout; TN = Tent; RW = Retaining Wall;

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


Project Directory
Completed
Thompson Hotel ('20)
West Half ('19)
Novel South Capitol ('19)
Yards/Guild Apts. ('19)
Capper/The Harlow ('19)
New DC Water HQ ('19)
Yards/Bower Condos ('19)
Virginia Ave. Tunnel ('19)
99 M ('18)
Agora ('18)
1221 Van ('18)
District Winery ('17)
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 Cap. ('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 2020 JD.