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WTOP is reporting that the city and Major League Baseball have reached agreement on negotiations over the stadium lease agreement. It has been decided to not use the Deutsche Bank private financing agreement, and to instead go with traditional financing. MLB has also agreed to develop a youth baseball facility, to increase the number of free tickets given to disadvantaged children, and to lease RFK in 2008 if the stadium is not completed in time. There's also a comment about the city and the team splitting profits on land sold for development, which sounds kind of odd, will wait to hear an explanation of that.
UPDATE, 1:15 pm: WTOP's article has been updated and expanded, and includes this explanation of the land sale item: "It does say parcels at the south end of the stadium site can be sold to developers. The proceeds would be split between the team and the District with the city receiving 57.5 percent of proceeds and the Nationals receiving 42.5 percent."
UPDATE, 8:11 pm: Here is the Post story, which says that the council is scheduled to vote on the agreement on Feb. 7, and that Mayor Williams " was expected to deliver a letter to the council with additional promises that would help protect the city against potential cost overruns, his aides said." Also, here is Mayor Bow Tie's press release.
UPDATE, 9:25 pm: Interesting explanation from a Reuters story: "According to a D.C. Sports and Entertainment Commission memorandum obtained by Reuters, the changes to a private portion of the ballpark financing would free the city from funding a reserve account. It had previously agreed to fund a $60 million reserve to boost the ratings on $256 million of bonds to be sold privately to Deutsche Bank."
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