
This was supposed to be a hypothetical!!
UPDATE From the Mayor’s Office:
“Today, Mayor Muriel Bowser and DC Council Chairman Phil Mendelson unveiled legislation to support a complete renovation and modernization of the Capital One Arena. The legislation, which has unanimous support from the DC Council, outlines the District’s contribution of a half billion dollars to the modernization project to create a state-of-the-art urban arena and solidifies Monumental Sports and Entertainment as an economic anchor of the Gallery Place-Chinatown entertainment district and a destination for District residents and visitors.
“Downtown DC is the District’s economic engine that provides revenue resources to support important programs in the city. Mr. Leonsis and Monumental Sports have been critical partners in keeping our downtown thriving, especially after the pandemic. The modernization of the Capital One Arena will be an invaluable investment for continued success and our future prosperity,” said Mayor Bowser. “This proposal represents our best and final offer and is the next step in partnering with Monumental Sports to breathe new life and vibrancy into the neighborhood and to keep the Washington Wizards and the Washington Capitals where they belong – in Washington, DC.”
The legislation that Mayor Bowser submitted to the Council outlines the parameters of the agreement, including receiving the authority to enter into a lease extension and provide financing of $500 million toward the $800 million renovation project over a period of three years beginning in 2024. City leaders have also committed to a swift and expedited review and approval process to meet current construction plans for the arena. (more…)