Press Release November 15, 2001 The District Finances Development of K-Mart and Improvements at Crowell & Moring LLP (Washington, DC) On November 8, the District announced that it had finalized agreements to bring a K-Mart to the city and finance improvements at Crowell & Moring LLP. The agreement was reached on October 16 after the DC Council approved $15 million in tax-exempt revenue bond financing on behalf of K-Mart Corporation to help finance the development of a "Big K-Mart" retail outlet in the Brentwood neighborhood of the District. It is projected that K-Mart will directly increase District tax revenues by $1,289,040 annually. The site of the discount outlet is being developed in conjunction with the construction of a Giant Grocery Store and a Home Depot. Projected dimensions include: Big K-Mart Supercenter:   106,797 square feet Giant Grocery Store:   48,991 square feet Home Depot:   118,301 square feet The District also closed a $9 million deal in tax-exempt revenue bonds to finance the design and construction of leasehold improvements at Crowell & Moring LLP. The project will directly increase District tax revenues by $1,229,064 annually and create 183 new jobs for District residents. Crowell & Moring has also certified its intent to contract at least 35 percent of the adjusted amount of bond proceeds to certified local small and disadvantaged business enterprises. The District's Revenue Bond Program is a Congressionally-authorized development function similar to that exercised by states and municipalities throughout the United States. After 3 years in office, the Williams Administration has issued more than $2.6 billion of bonds for capital projects of 63 District businesses and institutions. In fiscal 2001, the District has already funded an additional 17 projects - valued at $370 million - and more financing requests are expected before the end of the fiscal year.