District of Columbia:
Status of Convention Center Project
AIMD-94-191: Published: Sep 15, 1994. Publicly Released: Sep 15, 1994.
- Full Report:
Pursuant to a congressional request, GAO provided information on the proposal to build a new convention center in the District of Columbia, focusing on the: (1) status of the project; and (2) proposal's cost, benefits, and financing.
GAO found that: (1) the new convention center proposal is in the early stages of development and additional information will be needed before precise cost and benefit projections can be made; (2) although the proposal indicates that the project should be able to generate sufficient direct revenue to cover currently known expenses, a number of unanswered questions could significantly affect these projections; (3) the District plans to use revenue bonds backed by specific District taxes to finance the project; (4) the District is unlikely to use general obligation bonds to finance the convention center project because of its high level of general obligation debt; and (5) the District plans to further assess the costs and benefits of the convention center project and provide answers to its remaining questions before proceeding with the project.