A bill to amend the Pennsylvania Avenue Development Corporation Act of 1972 to authorize appropriations and further borrowings for implementation of the development plan for Pennsylvania Avenue between the Capitol and the White House, and for other purposes.

Summary

Amends the Pennsylvania Avenue Development Corporation Act of 1972 to revise the membership of the Board of Directors of the Pennsylvania Avenue Development Corporation. Deletes references to the District of Columbia Redevelopment Land Agency with respect to utilization of the services of such Agency by the Corporation. Increases the limits on borrowing from the U.S. Treasury by the Corporation from $50,000,000 to $200,000,000, subject to limitations contained in appropriation Acts. Establishes procedures for the granting of construction loans by the Corporation for projects in accordance with the development plan. Stipulates that approved applicants shall agree to a minimum net equity investment of at least 20 percent of total project costs during the period preceding permanent financing. Limits the aggregate amount of such construction loans to $50,000,000. Establishes a revolving fund within the U.S. Treasury to be known as the Pennsylvania Avenue Development Fund, for the use of the Corporation through fiscal year 1990. Requires the submission of an annual budget for the Corporation in accordance with provisions of the Government Corporation Control Act. Authorizes the appropriation of $130,000,000 to the Corporation for development activities and projects in accordance with the approved development plan authorized by this Act. Stipulates that such sums shall remain available through fiscal year 1990.

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1 official file

• Introduced in Senate

  summary · EN · 6 February 1976

  Open at official source

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