[Congressional Record Volume 140, Number 104 (Tuesday, August 2, 1994)]
[Extensions of Remarks]
[Page E]
From the Congressional Record Online through the Government Printing Office [www.gpo.gov]


[Congressional Record: August 2, 1994]
From the Congressional Record Online via GPO Access [wais.access.gpo.gov]

 
              INTRODUCTION OF REVENUE BOND AUTHORITY BILL

                                 ______


                       HON. ELEANOR HOLMES NORTON

                      of the district of columbia

                    in the house of representatives

                        Tuesday, August 2, 1994

  Ms. NORTON. Mr. Speaker, today I am introducing legislation that 
presents a unique and extraordinary economic opportunity for the 
District of Columbia. This bill offers this unprecedented opportunity 
through revenue bonding authority, including the authority to build a 
new convention center, as well as a new sports arena downtown. These 
are not only remarkable projects. In light of the District's need for 
revenue in the midst of a severe economic crisis, these projects are 
remarkably timed. These two buildings hold virtually the only promise 
for indispensable economic development for a city that otherwise faces 
an unprecedented and painful fiscal crisis. The bonding authority 
authorized in this bill will mark a critical step toward the revival of 
the economy of the District.
  Today, the Washington Convention Center operates at a 90 percent 
occupancy range. In this year alone, the District will lose over $80 
million in economic impact because of the loss of shows that are too 
large for the present center. However, the new convention center will 
be three times the size of the current center. That translates into 
over $2.8 billion in direct convention revenue for the District between 
1998 and 2003. On the other hand, without the new center, the District 
will lose $968 million in direct convention revenue by the year 2002.
  A new sports arena also could not come at a better time for the 
District. Moving the arena from the Maryland suburbs to downtown 
Washington will result in more than $100 million in net new spending in 
the District annually from people buying tickets and purchases from 
concessions at events, as well as patronizing restaurants in the area. 
The arena also will create a minimum of 540 full-time equivalent jobs 
in the city.
  I strongly urge support for this legislation. It will help give the 
District of Columbia the tools to become again the master of its own 
economic destiny.

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