National Harbor Sphere advances as Prince George's County Council approves plan
Sphere National Harbor (Sphere Entertainment Group)
NATIONAL HARBOR, Md. - Lawmakers took a major step toward bringing the proposed Sphere venue to National Harbor on Tuesday after the Prince George’s County Council voted to approve a critical public financing package for the project.
The proposed 6,000-seat entertainment venue carries an estimated price tag of $1.4 billion, with developer Sphere Entertainment seeking nearly $184 million in public assistance from the county and state.
Under the legislation, the county will authorize up to $215 million in bonds, repaid through tax revenues generated at National Harbor, to fund the public contribution and assist in refinancing existing debt.
RELATED: The Sphere: Final financing vote expected Tuesday for National Harbor venue
Speaking at a press conference, Prince George’s County Executive Aisha Braveboy projected the development will generate a $1.3 billion economic impact for Prince George’s County and a $1.5 billion impact for the state of Maryland. Braveboy added that the project is expected to produce roughly $63 million annually from property, sales, and amusement taxes alone.
The vote delivers a major economic boost to Prince George’s County following a string of recent setbacks, including the announced closure of Six Flags, the Washington Commanders’ planned return to Washington, D.C., and the Trump administration’s opposition to relocating the FBI headquarters to Maryland.
The Source: Information in this article comes from Prince George's County Government, the Associated Press and previous FOX 5 reporting.