Politics
Prince George’s council backs public financing for 6,000-seat National Harbor Sphere
The council voted 8-0 to authorize up to $215 million in special-obligation bonds for the proposed entertainment venue and surrounding development. The plan also includes a county-built $40 million parking garage, with repayment tied to revenue from the facility.
Prince George’s County Council voted 8-0 on Tuesday to authorize up to $215 million in special-obligation bonds for a proposed Sphere entertainment venue and surrounding complex at National Harbor.
The project is planned as a 6,000-seat venue. Under the financing plan, Sphere Entertainment Co. would repay the bonds to the county over time. The county also would build a $40 million parking garage and provide up to $130 million in bond financing, which would be repaid through tax revenue generated by the facility after it is built.
The vote advances a major public financing commitment for a private entertainment development. County leaders have said the project could bring jobs, business opportunities and economic benefits to Prince George’s County. County Executive Aisha Braveboy and Council Chair Krystal Oriadha were expected to discuss the vote and the project’s potential economic impact at a joint news conference.
The proposal’s economic benefits will depend on the project moving forward and generating the revenue on which the financing plan relies. The council’s vote authorizes the financing; the venue is proposed, not yet built.