edf40wrjww2CF_PaperMaster:Desc
Summary
The problem we are going to discuss concerns the economic and financial impacts that incorrect budget forecasts have had on the plans to build a new Washington Nationals Ballpark. The main goal is to provide District of Columbia officials and the DC Sports and Entertainment Commission with the necessary tools they will need to reach a financial agreement that will allow the production of the ideal sports arena for Washington, D.C.
The root cause of the Nationals' situation is that District officials did not do thorough planning for the new ballpark. That planning should have included a SWOT analysis which would have outlined potential strengths, weaknesses, opportunities and threats for building the stadium. As a result, the budget was gravely understated leaving the team and the District with potential problems and limited options for potential jobs and, revitalization, transportation, parking, financing and ownership.
Analysis
This year Washington, D.C. ended its 33 year absence from baseball when the Major League Baseball (MLB) announced that the Montreal Expos would be moving to the area. Several states were interested in hosting the team but Washington, D.C. had an advantage, RFK Stadium. The team leased the field for a short time while District officials made arrangements to build a new ballpark on the Anacostia River to house the team. The efforts to build the new stadium have recently been under fire due to extreme budget underestimations. The original budget for the stadium was approximately $60 million off target. Now District officials are looking for ways to deliver what they promised to fans, residents and busin ...