Update of Report on Kennedy Center for the Performing Arts

GGD-79-68: Published: May 11, 1979. Publicly Released: May 15, 1979.

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An update was done on the information available on the John F. Kennedy Center for the Performing Arts. The information includes the Center's parking concession agreement, status of revenue bonds held by the Treasury Department, and the results of the Center's operations through fiscal year 1978.

The parking facility at the Kennedy Center is operated by the Airport Company of America-Washington, Inc. Under its parking-concession agreement it advanced the Center $3,500,000 to be repaid from profits over the 15-year term of the agreement beginning in 1972. The company's proposal to provide this advance was an important factor in its selection to manage the Kennedy Center's parking facility. The agreement with the garage concessionaire provides that after deductions for interest and amortization of the principal, profits are to be split evenly between the concessionaire and the Center. Legislation permitted deferral of the interest payment on the revenue bonds but stipulated that interest so deferred would bear interest after June 30, 1972. The principal and interest are to be paid from parking revenues. To date no payments have been made of the interest due.

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