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Washington Convention Center Authority Dedicated Tax Revenue Bond Resolution of 1998
PR 12-840

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Bill Sources and Uses of Bond-Related Funds Cost Estimate Project Description

Chairman Linda W. Cropp on behalf of the Washington Convention Center Authority

A PROPOSED RESOLUTION IN THE COUNCIL OF THE DISTRICT OF COLUMBIA

To approve, the Washington Convention Center Authority’s Proposal for the issuance of Dedicated Tax Revenue Bonds to finance a New Convention Center

RESOLVED, BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, that this resolution may be cited as the “Washington Convention Center Authority Dedicated Tax Revenue Bond Resolution of 1998”.

Sec.2. Pursuant to section 204 of the “Washington Convention Center Authority Act of 1994, as amended (D.C. Law 10-188, D.C. Code §9-805) (the “Act”), the Council of the District of Columbia approves the Washington Convention Center Authority's (the “Authority”) proposal for issuance of its not to exceed $650,000,000 Dedicated Tax Revenue Bonds (the “Bonds”), to finance, in accordance with the provisions of the Act, the Costs of a New Convention Center (as those terms are defined in the Act) to be located in the District of Columbia.

Sec. 3. Pursuant to section 21 3(c) of the Act (D.C. Code §9-81 4(c)), the Council of the District of Columbia approves the following reserves to be maintained by the Authority in connection with the issuance of the Bonds:

(a) Operating reserves to be funded in the aggregate at a level not to exceed 3 times the annual operating and marketing expenditures of the Authority; and

(b) A capital renewal and replacement reserve, to be funded at a level not to exceed 5% of the total Costs for the New Convention Center, adjusted for inflation.

Sec. 4. The Council of the District of Columbia shall transmit a copy of this resolution upon its adoption, to the General Manager of the Washington Convention Center Authority and to the Office of the Mayor.

Sec. 5. This resolution shall take effect immediately.

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WASHINGTON CONVENTION CENTER AUTHORITY
Dedicated Tax Revenue Bonds, 1998 Series
Sources and Uses of Bond-Related Funds

Series 1998 Senior Lien Bonds Series 1998 Senior Sub Lien Bonds TOTAL AMOUNTS
Sources:

Total Par Amount of Bonds

 512,740,000 132,806,417 645.545,417

Par Amount of Current Interest Bonds

 512,749,000 90,970,000 603,710,000

Par Amount of Capital Appreciation Bonds

 0 41,835417 41,835,417

Premium/(OID)

 (25,239,450) (4,612,377) (30,013,826)

Accrued Interest

 0 0 0
Total Sources of Funds 487,347,550 128,184,040 615,531,591
Uses:

Construction Fund Deposit

 445,417,434 104,705,170 550,122,604

Renewal & Replacement Reserve

 0 9,064,396 9,064,396

Debt Service Reserve Fund

 31,581,560 12,818,404 44,399,964

Financing Costs

Bond Insurance Costs

 5,362,221 0 5,366,221

Underwriters’ Discount

 3,956,855 1,330,460 5,287,315

Costs of Issuance

 1,025,480 265,611 1,291,091

Accrued Interest

 0 0 0
Total Uses of Funds 487,347,550 128,184,040 615,531,591
SUMMARY OF FINANCIAL INFORMATION

Arbitrage Bond Yield (“ABY”)

 5.405629% 5.873923% 5.527338%

True Interest Cost (“TIC”)

 5.472776% 5.941513% 5.594443%

Effective Interest Cost (“EIC”)

 5.490319% 5.955124% 5.610965%

Average Life

 21.95 Yrs. 18.68 Yrs. 22.31 Yrs.

Maximum Annual Debt Service

 31,581,560 18.305,000 49,883.750

 

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WASHINGTON CONVENTION CENTER AUTHORITY
NEW WASHINGTON CONVENTION CENTER COST ESTIMATE
JUNE 19, 1998

PRE-DEVELOPMENT AS OF JUNE 19, 1998
Land Acquisition $4,692,000
Consulting and Inspections 3,600,000
Program Manager 7,749,000

Program Manager Optional Services

 8,883,000
Financial Advisory Services 910,000
Environmental Impact Study 1,550,000
Legal Services 2,900,000
A/E Concept Design/Advance Design 21,240,000

A/E Additional Services

 8,000,000
Owner Controlled Insurance Program 19,000,000
Permits and Fees 400,000
Community Outreach 500,000

TOTAL PRE-DEVELOPMENT

 $79,424,000
OTHER COSTS
Section 106 Mitigation Costs

Art Program

 4,000,000

Marshaling Yard

 1,500,000

Historical Preservation Survey

 88,000

Retail Study

 38,000

Extended Street Scaping

 500,000

Carnegie Library

 2,000,000

Future Truck Access Study

 45,000

Transportation

 2,500,000

Community Development

 2,000,000

TOTAL OTHER COSTS

 $12,671,000
CONSTRUCTION COSTS
Building and Site $500,600,000
Soil Remediation & Hazmat 5,000,000

TOTAL CONSTRUCTION COSTS

 $505,600,000
EQUIPMENT COSTS
Furniture, Fixtures, & Equipment $22,305,000
SUBTOTAL PROJECT $620,000,000
RESERVE FOR CONTINGENCIES $30,000,000
TOTAL PROJECT COST $650,000,000

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PROJECT DESCRIPTION
OF THE
NEW WASHINGTON CONVENTION CENTER

Location

The new convention center will border Ninth Street, N.W. on the west, Mount Vernon Square Place on the south, Seventh Street, N.W. on the east, and N Street, N.W. on the north. The building is a total of 2.3 million gross square feet and will occupy a 17 acre site.

Exhibit Halls

  • A total of 725, 000 sq. ft. of exhibit space on two levels
  • Exhibit Levels can be subdivided into as many as 5 halls
  • Main Hall has columns on 90 foot centers
  • Upper Hall has column grid 180 by 600 feet
  • Ceilings are 30 feet clear in Main Hall and 45 feet in Upper Hall
  • Show offices on concourse levels
  • Electrical, internet, air, water, drain lines on 30 foot grid in floor and electrical overhead on 90 foot grid

Meeting rooms

  • 150,000 sq. ft. of meeting space
  • 34 fixed wall meeting rooms subdivided into 70 meeting rooms
  • Room size ranges from 750 feet to 13,000 sq. ft.
  • Highly flexible, latest teleconferencing, internet, technological capabilities
  • Separate support corridor system allows direct service access

Ballroom

  • 60,000 sq. ft.
  • Seating for 7,000 theater style and for 4,000 banquet
  • 30,000 sq. ft. of pre-function space
  • Column free
  • Can be subdivided into 3 rooms of 20,000 sq. ft. each
  • Executive meeting room level
  • Main kitchen on same level
  • Spectacular view of major monuments

Loading Docks

  • 66 loading docks
  • Marshaling Yard within 15 minutes along a major roadway

Retail

  • 44,000 sq. ft. of retail
  • Plans for innovative, destination flagship restaurant
  • National brand companies combined with local favorites

Miscellaneous

  • General session capacity: 13,000 unobstructed in exhibit hall; 7,000 in ballroom
  • Hotel rooms within one half mile: 2,900
  • On-site metro: $25 million included in Federal Transportation Bill to expand current site at Mount Vernon square
  • $4 million dollar arts installation
  • Located in Historic Shaw Neighborhood

The Builder

The joint venture of the Clark Construction Group, Inc. and the Sherman R. Smoot Corporation of Washington, DC has submitted a proposal to build the new convention center at a guaranteed maximum price of $500.6 million.

Architectural Team

Designed by a joint venture team of three award-winning architectural and engineering firms: Thompson Ventulett, Stainback & Associates; Devrouax and Purnell Architects Planners and Mariani Architects Engineers. The design team has won international acclaim for their work on the Pennsylvania Convention center in Philadelphia, the Lakefront Center in Chicago and the MCI Center, Washington, DC.

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