After negotiating several offers over the better part of last year, D.C. offered Monumental $500 million to be paid in three tranches beginning this year, a deal that would have provided well more than half of the estimated $800 million cost of a complete renovation that better connects the arena to the surrounding neighborhood and businesses and brings the fan experience closer to the court. The result would be a new, more profitable, state-of-the-art urban arena, with improved corporate suites and more and better entertainment options. The city would leverage our AAA bond rating to borrow without raising taxes or displacing any planned capital projects. It is unequivocally a great deal for Monumental, with near total certainty and the lowest performance risk. In fact, the D.C. Council has already unanimously agreed to advance the deal, making the initial payment to start construction available within months of the bill passage.
Our deal would mean Monumental can avoid any broken promises, breached leases or potential litigation to distract from building the most valuable regional sports company. It would mean equitable construction spending and our continued support of the Service Employees International Union and Unite Here! Local 23 workers who earn good pay and benefits in D.C. Truthfully, we still don’t know whether the Virginia deal will cross the finish line or whether this gamble will work. Perhaps this is why Leonsis has not yet signed anything.
by OnlyMamaKnows
