The Sphere: Final financing vote expected Tuesday for National Harbor venue
The Sphere: Final financing vote expected Tuesday
The proposed Sphere venue at National Harbor is one step closer to reality as lawmakers prepare for a final vote Tuesday on a public financing package that incorporates community benefits and worker protections.
NATIONAL HARBOR, Md. - The proposed Sphere venue at National Harbor is one step closer to reality as lawmakers prepare for a final vote Tuesday on a public financing package that incorporates community benefits and worker protections.
The Prince George's County Council advanced the legislation Monday with amendments requiring a community benefits agreement and a labor peace agreement, measures intended to address local hiring, business opportunities, and worker protections. The council's final vote on the package is expected later Tuesday.
The proposed 6,000-seat venue carries an estimated price tag of $1.4 billion. Developer Sphere Entertainment is seeking nearly $184 million in public assistance from the county and state. Under the pending legislation, the county would authorize up to $215 million in bonds, repaid through tax revenues generated at National Harbor, to fund the public contribution and help refinance existing debt.
Supporters say the project will deliver substantial economic growth, citing projections of more than $1.3 billion in annual economic activity over three years and roughly $52 million in annual county tax revenue.
However, county staff have raised concerns regarding when local government would break even, pointing to the financial risks of lower-than-projected revenue, construction delays, and cost overruns. Surrounding residents have also questioned the project's impact on regional congestion, citing traffic around National Harbor and arterial routes leading to the Woodrow Wilson Bridge.
County Executive Aisha Braveboy and Council Chair Krystal Oriadha are scheduled to speak at 11 a.m. Tuesday to discuss the pending vote and the next steps for the development.
The Source: Information in this article comes from Prince George's County Council and Sphere Entertainment.