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The Wilbur Smith and Associates report presented a parking development program designed to provide staged construction of 3,200 parking spaces beneath the center treeless panels of the Mall. The first stage of development proposed a 1,400 space facility between 12th and 14th Streets estimated to cost $10,870,000 in Federal funds, or $12,940,000 if privately financed, the difference in cost of $2,070,000 representing capitalized interest at 8% for the two-year construction period. The analysis of the anticipated revenue and expenses indicated that a private development would generate an annual deficit of $506,500 for the 25-year period.

This forecast of a large annual deficit appeared to preclude further consideration of private financing at that time. However, downward trends in interest rates, coupled with a decline in construction activities, presented an opportunity to reconsider private financing of the project. Recent discussions with Wilbur Smith and Associates affirmed their continued interest in the parking project and generated an informal proposal to perform the design work, acquire private financing of the project, and arrange for and supervise the construction on a "turn-key" basis. It is the company's opinion, in the light of current financial and construction trends, that the anticipated revenue from parking fees could pay the operating costs and amortize the loan in an approximate 35-year period. Their very preliminary discussions with potential lenders and construction contractors generated expressions of interest in participating in this project.