| Chairman Linda W. Cropp at the request of the
Mayor A PROPOSED RESOLUTION IN THE COUNCIL OF THE DISTRICT OF COLUMBIA
Chairman Cropp, at the request of the Mayor, introduced the following resolution, which
was referred to the Committee on Economic Development.
To approve the disposition by negotiated sale to The Freedom Forum, Inc. of
District-owned property at 500 C Street, NW, also known as the Department of Employment
Services Building, including the land thereon, to redevelop for economic development
purposes, with a significant residential component.
RESOLVED, BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this resolution may be cited
as the "Negotiated Sale of District-Owned Property at 500 Street, N.W. to The Freedom
Forum, Inc. Approval Resolution of 2000."
Sec. 2. The Council of the District of Columbia, finding that the property located at
500 C Street, N.W. is no longer required for public purposes, hereby approves the
negotiated sale of such property by the Department of Housing and Community Development to
The Freedom Forum, Inc., pursuant to DC Law 8-96. The designated purposes of such property
after disposition are, for at least fifteen years after the disposition, to house the
Newseum and for commercial and residential uses; and after the expiration of fifteen years
from the disposition, for legally permissible uses that generate tax revenues for the
District and otherwise benefit the citizens of the District.
Sec. 3. The Secretary of the Council of the District of Columbia shall transmit a copy
of this resolution, upon its adoption, to the Mayor of the District of Columbia.
Sec. 4. This resolution shall take effect immediately.
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Dated: 9/13/00
DISTRICT OF COLUMBIA DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT
PROPOSED DISPOSITION OF 500 C STREET, N.W.,
SUBMITTED IN ACCORDANCE WITH DC LAW 8-96
I. Description of the Property
A. Parcel: 500 C Street, N. W., Square 491, Lots 826 and 831
B. Ward: 6
C. Size: 72,675 square feet
D. Zoning: DD/C-4
E. Value: 2000 appraised value (as is fair market value at highest and best use) -
$49,250,000
Il. Description of Proposal
The Freedom Forum, Inc. proposes to purchase and develop 500 C Street, N.W. (the
Property). The Freedom Forum plans to develop the Property with a building of
approximately 475,000 square feet to include: nearly 300,000 square feet to house the
Newseum and The Freedom Forum's conference and meeting facilities; 30,000 square feet for
a street level restaurant and Newseum Store; and at least 146,000 square feet devoted to
residential uses.
The designated purposes of such Property after disposition are, for at least fifteen
years after the disposition, to house the Newseum and for commercial and residential use.
After the expiration of fifteen years from the disposition, the Property may be used for
legally permissible uses that generate tax revenues for the District and otherwise benefit
the citizens of the District.
III. Proposal Benefits
Under the proposed disposition, The Freedom Forum would make payments totaling $100
million to the District. A portion of the payments will be used by the District for a
homeownership program, for relocation and temporary office space for Department of
Employment Services employees if necessary, and to the extent that funds are available,
for a neighborhood commercial revitalization program. All payments would be made in cash.
The Freedom Forum will waive its right to eligibility for exemption from real estate taxes
and will pay annual real estate taxes on the property based upon fair market assessment or
make annual payments in lieu of taxes.
In addition to these direct monetary benefits to the District, development of the
Property in accordance with the proposal will create hundreds of construction jobs, at
least 200 permanent jobs at the Property, and between 70 and 100 new residences. Further,
it is expected that this development will serve as a bridge between the Mall and the
downtown area and increase pedestrian/visitor flow throughout the day and evening hours,
thereby strengthening the reality of a living downtown.
IV. Community Participation
The Freedom Forum has requested to present its proposal to the Advisory Neighborhood
Commission 6A at its regularly scheduled meeting in October 2000.
V. Required Public Action Needed to Carry Out the Proposal
The public actions required to bring this proposal to fruition are: (1) negotiation of
the purchase agreement; (2) holding a public hearing on the terms and conditions of the
proposed disposition; (3) District of Columbia Financial Responsibility and Management
Assistance Authority approval of the purchase agreement; (4) ANC notification and
opportunity to comment; (5) National Capital Planning Commission approval; and (6)
execution of the purchase agreement. |
