Tuesday, December 16, 2008

Deal Reached in SW Waterfront Land Transfer

In Monday's Washington Business Journal, there's an article which states a compromise has been struck between DMPED and the D.C. Council's Economic Development committee over the transfer of land along the Southwest Waterfront. From the article: "...the administration submitted a new bill that would require the project conform to affordable housing requirements previously passed by the D.C. Council, that the Hoffman-Struever team submit a financing plan to the council in May, that the land not be sold to another developer, and that small, local businesses maintain their stake in the project. All those requirements were included in the land deal between the administration and the developers, said Brown, chair of the Economic Development Committee, but having them 'memorialized' in the law would prevent them from being changed without council approval. 'We’re just saying that if you amend anything in the [land disposition agreement], you can’t amend these items' without the council, Brown said. Brown didn’t get everything he wanted, such as an independent appraisal of the land’s value, but said he was 'satisfied that the administration now has agreed to make sure that all the community benefits are preserved and that the residents are going to get what they are promised.'" The D.C. Council meets later today for their final meeting of 2008, and it's expected that this compromise bill will be passed at that meeting.

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