Press Advisory for Immediate Release June 7, 2006 A Big Day for Economic Development in DC: Council Passes Legislation on New Convention Center Hotel and Southeast Federal Center  Approvals will spur over $2 billion in private investment in DC  (Washington, DC) On June 7, 2006, the City Council passed three important pieces of economic development legislation that will bolster the District’s economy for decades to come. These pieces of legislation are critical for the future success of downtown as well as development along the long-neglected Anacostia riverfront. Collectively, these projects will spur over $2 billion in private investment in the District, create thousands of new jobs, lure tens of thousands of tourists to the District each year, and generate over $80 million in new tax revenue to the District each year to pay for vital city services. The Council passed: the New Convention Center Hotel Omnibus Financing and Development Act, the Payment in Lieu of Taxes (PILOT) Revenue Bonds Southeast Federal Center Project Approval Resolution, and the Payment in Lieu of Taxes (PILOT) Revenue Bonds the Department of Transportation Project Approval Resolution. Page 1 of 3      1  2  3