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December 29, 2004
Williams cuts Nationals check
Say goodnight, Youppi. D.C. Mayor Anthony Williams today signed the stadium bill passed by the city council last week, making the conversion of the Montreal Expos to the Washington Nationals all but official - oh, and committing the city to sell $535 million worth of bonds (plus up to $50 million in cost overruns) to pay for the thing, more than 80% of which will be paid back out of public coffers.
And nobody bothered to mention this last week, but apparently the bill also includes that $450 million "community development fund" that was proposed by Williams in October, to be funded by tax-increment financing on development surrounding the new stadium. As I've noted here previously, TIF revenues are notoriously hard to predict, and this one would be six times the size of D.C.'s largest previous TIF plan, so it's anyone's guess what will actually come of it - or how D.C. would pay off the community development bonds if the TIF money doesn't roll in as expected.