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BASEBALL IN D.C.
THE NATIONAL PASTIME. THE NATION'S CAPITAL.
HOW MUCH WILL THE ENTIRE PROJECT COST?
Bringing baseball back to DC will cost about $400 million to build a new
ballpark of which the District is proposing to contribute $275 million.
The total project is estimated to cost $460 million and includes
renovation of RFK as well the building and financing of a new ballpark. Of
that, nearly 70 percent - $330 million - will come from public investment,
with the remainder coming from the new owner. This level of public funding
is very similar to what has been done in other cities.
WHERE WILL THE PUBLIC INVESTMENT COME FROM?
Bonds would be issued to finance construction of the ballpark. These bonds
would be financed over a 30-year period and repaid through a combination
of funding sources:
- Taxes at the Ballpark:
- Sales tax revenues will be collected on baseball admission
tickets, concessions and merchandise at the ballpark.
- Athletes playing in all new athletic facilities financed by the
District of Columbia government will be subject to DC income tax
for games played in the District of Columbia.
- Ballpark Fee:
- Larger businesses - those that collect $3 million or more in
annual revenues - will be assessed a progressive "ballpark
fee." Fees will be based upon the annual revenue a business
collects, and will range from $1,300 to $12,000.. These fees will
generate about $9 million in annual revenue. Less than 2,000 of
the 18,000 eligible District businesses - about 10 percent - will
pay this fee.
- Small businesses, nonprofits and DC taxpayers WILL NOT shoulder
the costs of the new ballpark.
DOES THIS COMPETE WITH OTHER PUBLIC PRIORITIES?
NO DC general revenues will be used in the construction of the ballpark.
More than two-thirds of the revenue under this plan will be available only
if baseball comes to Washington, D.C. The ballpark will not take away
funds or compete with schools, libraries or any other expenditure in the
DC capital or operating budgets.
WHAT HAPPENS NEXT?
The DC Council's Committee on Finance & Revenue will be holding a
hearing on the proposed legislation on Thursday, June 12 at 10 AM.
Following the hearing, the Committee will mark up and vote the bill out of
Committee. The Council is expected to vote on the legislation at its July
8 Legislative Session. Assuming MLB selects DC as the new home of the
Expos before or during the All-Star break, MLB will then select an
ownership group. The city will then work with the ownership group on
selecting a site and developing a business agreement which will establish
the ownership group's share of the stadium costs.
HOW WILL BASEBALL BENEFIT WASHINGTON, D.C.?
- BASEBALL IS AN INVESTMENT IN THE DISTRICT OF COLUMBA
Construction of the new ballpark alone is projected to create 3,500 new
jobs, and generate $5 million in District tax revenues.
Team and ballpark operations will create nearly 360 new jobs, $40
million in annual salaries, and $28 million in annual tax revenues.
Fan spending outside the ballpark will introduce nearly $48 million in
annual economic activity to the District. It will create 675 new jobs,
with annual earnings over $14 million.
A new ballpark and team will produce over $1.1 billion in overall
benefits over the 30-year period.
Our new ballpark will ultimately do for its neighborhood what MCI
Center did for its neighborhood. By its loth birthday, the MCI Center will
have generated over $14 billion in new development, including over 5,000
units of housing, created over 17,000 new jobs, and generated nearly $140
million in annual tax revenue within just five blocks.
- BASEBALL IS GOOD FOR THE COMMUNITY AND INSPIRES CIVIC PRIDE
Baseball creates a lasting sense of civic pride, and transcends social
barriers to unify cities around their home team. Few events rally a
community and create shared memories more than Opening Day, a September
pennant race or a Game Seven.
Washington, DC is our nation's capital. Baseball is our national
pastime. It is time to bring the two together again. |
