Fenty Offers Part Of Budget Surplus For Radio One Development

Jonathan O'Connell
Washington Business Journal
Friday, December 7, 2007

D.C. Mayor Adrian Fenty has proposed giving $5.7 million of the city's projected fiscal 2008 surplus to developers of the Broadcast Center One project, which would return the Radio One Inc. broadcasting company to D.C.'s Shaw neighborhood. The company currently has its headquarters in Lanham.

Fenty and Neil Albert, deputy mayor for economic development, had reached a deal with developers Four Points, Ellis Development Group and the Jarvis Co. that included the land for the project at Seventh and S streets NW -- appraised at $5.7 million to $6.6 million depending on the use -- in a $23 million package of subsidies.

But in a Nov. 15 hearing, members of the D.C. Council balked at including the land and suggested other options such as expanded tax increment financing to fill the gap.

Councilman Kwame Brown, D-at large and chair of the economic development committee, said he is still considering whether a direct payment or an increased TIF is the right subsidy to bolster the project to bring back Radio One (NASDAQ: ROIA), but that the deal would be completed.

"I'm not sure which it will be, but we want to get this project done," Brown said.

Brown also said he wanted part of the newly found surplus added to a microloan fund for small businesses.

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