Jack Evans Report: Gov’t and Biz

Every now and then, I like to share some
of the nuts and bolts of what our government
does behind the scenes. We can all
think of a situation where we wished our government
would function more efficiently on our
behalf, and I make it my job to ensure that areas
that need improvement are addressed. In many
instances, however, our government is actually
making positive changes and doing a great job
in ways our residents might never realize.

One of those instances relates to our bond
issuances, and not just our rating upgrades
that I talk so much about. One of the ways the
District government helps our residents is by
offering an industrial revenue bond program.
This program works by allowing businesses and
non-profit organizations access to tax-exempt
financing that essentially leverages the strong
financial position and reputation of the District
government to allow organizations to borrow
money at lower interest rates for major projects.

This money helps these organizations with
renovations and new construction, real estate
purchases, equipment, and other capital needs.
Since I have been on the Council, we have
assisted worthy businesses and non-profits in
issuing over $8.6 billion in revenue bonds, to
the benefit of every ward in the city. I am happy
to report the tremendous diversity in these
projects, from universities such as Georgetown,
Howard and Gallaudet; to public and charter
schools such as Washington Yu Ying and Kipp
Academy; to organizations, such as National
Public Radio and the Spy Museum.

On Nov. 13, I chaired a hearing of the
Committee on Finance & Revenue to add two
more potential issuances to this long list of great
projects. PR 20-531, the “Paul Public Charter
School, Inc. Revenue Bonds Project Approval
Resolution of 2013,” would permit up to $20
million of District of Columbia revenue bonds
to help renovate this school at 5800 8th Street,
N.W., in Ward 4. PR 20-532, the “National
Children’s Center Bonds Project Approval
Resolution of 2013,” would authorize up to $8
million of revenue bonds to assist the National
Children’s Center in renovating their facility
located at 3400 Martin Luther King, Jr., Ave.,
S.E., in Ward 8. The Center is a 501(c) (3) nonprofit
organization that provides comprehensive
and innovative services for infants, children and
adults with developmental disabilities in the
District of Columbia.

William Liggins and his team at the D.C.
Revenue Bond Program in the office of the
Deputy Mayor for Planning and Economic
Development are to be commended for their
good work in administering this program, and
I encourage any eligible organizations in the
city to reach out if they might benefit from this
program.