PR 25-0698 — Downtown Arena Financing Partnership and Revised Budget Emergency Declaration Resolution of 2024

MURIELENROLLED BOWSERORIGINAL MAYORA MarchRESOLUTION 27,25-485 IN THE COUNCIL OF THE DISTRICT OF COLUMBIA April 2, 2024 TheTo Honorabledeclare Philthe Mendelsonexistence Chairmanof Councilan emergency with respect to the need to increase the capital construction appropriation in the Fiscal Year 2024 Local Budget Act of 2023 to include funding for the Districtmodernization of Columbiathe Johndowntown A.arena.

WilsonRESOLVED, BuildingBY PennsylvaniaTHE Avenue,COUNCIL NW,OF SuiteTHE 504DISTRICT Washington,OF DCCOLUMBIA, 20004That Dearthis Chairmanresolution Mendelson:may be cited as the “Downtown Arena Financing Partnership and Revised Budget Emergency Declaration Resolution of 2024”.

EnclosedSec. for consideration and enactment by the Council of the District of Columbia are the “Downtown Arena Financing Partnership and Revised Budget Emergency Amendment Act of 2024” and an accompanying emergency declaration resolution.

Also2. enclosed is the “Downtown Arena Financing Partnership and Revised Budget Temporary Amendment Act of 2024”.

(a) Downtown DC is the economic engine thatof providesthe revenueDistrict. resources to support important programs across DC.

ThisInvestments legislation is the next step in partneringour withDowntown Monumentalare Sportsinvestments andthat Entertainmentbenefit toall breathe8 newwards. life and vibrancy into downtown and to keep the Washington Wizards and the Washington Capitals where they belong – in Washington, DC.

ThemodernizationThis oftheis Capitala OneArenacritical willtime beaninvaluablefor investmentthe fortheDistrict’s District,localeconomic businesses,future andas ourwe residentswork to attract, retain, and visitors.grow our business community.

I(b) urgeThe Mayor, the Council toof takethe promptDistrict of Columbia, and favorableMonumental actionSports onand Entertainment are committed to promoting community development in Washington, DC through the enclosedrenovation legislation.of the Capital One Arena.

Sincerely, Muriel Bowser Mayor 2 ~ ~ son at the request ofthe Mayor 5 7 A PROPOSED RESOLUTION 9 IN THE COUNCIL OF THE DISTRICT OF COLUMBIA To declare the existence of an emergency with respect to the need to revise the Fiscal Year 2024 budget to support the modernization of the Capital One Arena and the revitalization ofDowntown DC.

RESOLVED, BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this resolution may be cited the "Downtown Arena Financing Partnership and Revised Budget Emergency Declaration Resolution of 2024".

Sec.2.

(a) Downtown DC is the economic engine ofDC.

Investments in our Downtown are investments that benefit all eight wards.

This is a critical time for our city's economic futures we work to attract, retain, and grow our business community.

(b) The Mayor, the Council of the District of Columbia, and Monumental Sports and Entertainment are committed to promoting community development in Washington, DC through the renovationof the Capital One Arena.

A renovated arena in ChinatownChinatown/Gallery / Gallery Place will again revitalize a neighborhood, create and sustain quality new jobs for District residents, and strengthen a commitment to community and fan engagement.

Integral to the project is the significant investment from the District of Columbia Government,government, totaling $515 million, underscoring the commitment to revitalizing this iconic landmark.

(d) The District of Columbia Government’sgovernment’s substantial contribution serves as a pivotal catalyst for the transformation of the Capital One Arena and its surrounding environs.

By attracting top-tier events and enhancing the overall visitor experience, the renovation project will drive increased tourism and ENROLLED ORIGINAL revenue, thereby benefiting local businesses and bolstering the economic landscape of the city.District.

With the District of Columbia Government’sgovernment’s substantial investment, coupled with a commitment to community engagement and economic development, the project is poised to redefine the arena’s role as a catalyst for our comeback.

The Council of the District of Columbia determines that the circumstances enumerated in section 2 constitute emergency circumstances making it necessary that the Downtown Arena Financing Partnership and Revised Budget Emergency DeclarationAmendment ResolutionAct of 2024 be adopted after a single reading.