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The Prince George’s County Council gave final approval, 8-0, to a financing deal for a Sphere entertainment venue near MGM National Harbor, authorizing up to $215 million in special obligation bonds.
The vote came on the final day of the council’s legislative session. The county has committed to financing about $200 million to help bring the $1.4 billion, 6,000-seat venue to National Harbor. The council authorized up to $215 million in special obligation bonds to help build the venue and the surrounding complex, and Sphere Entertainment Co. would gradually repay those bonds to the county.
The Maryland venue would be the second Sphere after the one in Las Vegas. A groundbreaking ceremony is the next step, and officials hope the venue will be open for shows in early 2030.
How the financing is structured
Under the deal, the county will build a $40 million parking garage and offer $130 million in financing for bonds, to be repaid through tax revenues the facility generates once it is built. The state contributed over $13 million.
County Executive Aisha Braveboy held a news conference immediately after the vote. “Today, Prince George’s County enters the global stage and redefines itself as a destination for investment, entertainment, technology and innovation,” she said.
Braveboy said the project represents “a $1.3 billion dollar economic impact to Prince George’s County and a $1.5 billion dollar impact to the state of Maryland.” She added that it is projected to generate $63 million annually in property tax and sales and amusement tax alone.
She also compared the projected revenue with losses facing the county. “The decision to go after Sphere — to work to bring it to Prince George’s County — will more than triple in tax revenue what we are losing with the Commanders leaving in a few years and the closure of Six Flags,” Braveboy said.
On the county’s tax strategy, she said: “Far too long, we have focused our attention on our residential tax base, which has put a burden on our property owners, and the only way to begin to move away from that is to have a strong commercial tax base.”
Labor agreement, community fund and next steps
Earlier in the month, the council approved a labor peace agreement that allows union groups to organize workers once the Sphere opens. It does not include protections for construction workers. A community benefits fund has also been created.
Braveboy said the approval sends a message to the investment world. “So we look forward to this setting the tone for future development as we look to develop out Six Flags, as we continue to work with Konterra on that development, and other areas of the county which will be developed,” she said.
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Source: As reported by WTOP News.
