Elements of a Stadium Bill in 22. Bonds. Bonds. Bonds.

What is happening? the Virginia Legislature passed legislation to build a new professional sports area for the for the Washington Commanders

Why is this important? The legislation has the following elements:

• Creates the  “football stadium authority” to oversee the construction and financing of a new stadium and retail/entertainment complex
• sell bonds to help fund a $1 billion stadium
• $2 Billion investment from the Commanders to finish out the development
• Allows the commanders to receive revenue in the form of  2% of the sales tax on items sold within the commercial complex
• The Senate wants to give the team provide additional revenue stream where the team would be able to recapture a percentage of the state’s income tax on players and executives
• The House wants the team to pay at least 50% of its stadium naming-rights deal to the authority until the state’s bonds used to fund the stadium are paid off.

How will this be important? There’s stadium competition from D.C. to the current location in MD

4Washington | Virginia State Legislature Passes Bills for Commanders Stadium Project