District of Columbia: Status of the New Convention Center Project. Statement ofGloria L. Jarmon, Director, Health, Education, and Human Services, Accounting and Financial Management Issues, Accounting and Information Management Division

摘要

The report discusses results of the review of the Washington Convention CenterAuthority's (WCCA) efforts to arrange for financing and constructing of a new convention center in the District of Columbia. Statements highlight the information obtained on the following two points: The estimated cost of this project, including the Guaranteed Maximum Price (GMP) for constructing the new convention center, and the risk exposure for both the contractor and the District; The Financing Plan, including proposed changes to the revenue base, history of dedicated tax collections, projections for future revenues, and sufficiency to cover the GNP and other project costs. Also provided is background information on the site selection process, including WCCA's analysis of alternative sites, particularly the Northeast No. 1 site.