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Virginia leaders, Monumental Sports break down funding for proposed Potomac Yard stadium [1]
['Rebecca Turco', 'Https']
Date: 2024-04
The $2 billion proposal to build a for the Washington Capitals and Wizards in Alexandria, Va. would be a public-private partnership, Governor Glenn Youngkin explained in a press conference Wednesday.
Legislators will be asked to approve the creation of a new Virginia Sports and Entertainment Authority, which would own the land and buildings of the proposed entertainment district at Potomac Yard.
The $2 billion investment would be paid for by bonds the authority issues, as well as a $403 million investment by Monumental Sports and Entertainment.
The city of Alexandria would also contribute $56 million toward constructing a performing arts venue and $50 million toward underground parking, .
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7News asked Gov. Youngkin if there would be tax increases to fund the project.
The financing will be supported by the taxes created by this project,” said Youngkin. “It is the horsepower generated by those future taxes that don’t exist today that allows the Commonwealth of Virginia to not be forced to put up an upfront investment, but to repay the project level financing with those new tax receipts.
Gov. Youngkin likened the process to Amazon’s HQ2 in Arlington.
“An agreement, a very formal handshake and understanding, but recognizing we do have to finalize everything with the General Assembly," the governor said.
D.C.’s bid, on the other hand, is . Mayor Muriel Bowser said in a press conference Thursday that the deal was negotiated in good faith with monumental.
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Bowser said the District could afford so much money upfront in part because of recently refinancing bonds, which gave them more debt capacity. The mayor said she believes the District’s deal is “the best for Monumental.”
“We know it's the best for the fans,” she added.
A.J. Perez with Front Office Sports feels the team’s proposed move to Virginia is a 50/50 shot instead of a done deal.
“It’s one thing to put out some schematics of what this new arena is going to look like there in Alexandria,” he explained. “It’s another thing to get it built, even just to get a shovel in the ground.”
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[1] Url:
https://wjla.com/news/local/virginia-monumental-sports-leaders-break-down-explain-funding-for-proposed-alexandria-va-stadium-potomac-yard-washington-wizards-capitals-sports-arena-complex-deal-dc
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