October 08, 1999
District Government Supports University’s Improvement Request
George Washington University Requested Issuance of Revenue Bonds
(Washington, D.C.) The District government is supporting George Washington University’s attempt for neighborhood improvement. George Washington requested authorization of the issuance for $380,000,000 in tax-exempt revenue bonds for financing for several of the university’s building projects.
“Our goal is to help George Washington University retain the character of the Foggy Bottom neighborhood and promote the learning of its students,” said the Mayor. “ George Washington is a longtime contributing institution to this city, with its graduates contributing to the local economy and to the social energy of our city.”
The Home Rule Act states that the bonds are “special obligations” of the District. These bonds will help finance the development of a health and wellness center, the expansion of the university parking garage, and the renovation of the Marvin Center. The revenue bonds are issued by the District on behalf of George Washington University. Loans are no recourse to the District and are not general obligations of the District. The loans are repaid by the income and assets of the borrower. The program is the economic development tool designed to increase the development of private facilities in the District and to enhance their competitive position, and contribute to the expansion of the tax base through job creation and contract opportunities.
