Yet another Near Southeast-related bill has been introduced to the DC Council--this one is
B16-0932, the "Square 770, Lot 802 Securitization Act of 2006." My not-so-learned
reading of the bill tells me that this bill is authorizing the issuing of bonds not to exceed $140 million (principal), $40 million of which will go toward funding a portion of the costs of the five-acre Anacostia Waterfront Park planned along the river between 2nd and 4th Streets (within the
Southeast Federal Center land), as well as the infrastructure improvements needed to allow for public access to the site. An additional $75 million will help fund other (unnamed) Anacostia Waterfront Initiative infrastructure improvements. The bill also sets up the
DOT HQ's parcel (Square 770, Lot 802) to now be exempt from property taxes and instead have those payments go into the new Anacostia Waterfront Park Fund, to be used to repay the financing of the bonds and other expenses related to the park. You can read more about this PILOT plan in
this June 2 post.
UPDATE: There is also now
PR16-1004, which appears to be amending the earlier DOT PILOT bills a touch. There is also a DOT PILOT technical amendment being voted on as emergency legislation at the Oct. 18 city council session--might be the same as PR16-1004, but I can't tell for sure.
UPDATE, 11/2: Here is the actual resolution that was passed on Oct. 18 on an emergency basis,
PR16-1039, The "DOT Pilot Revision Emergency Approval Resolution of 2006."