Reply to Wizards and Caps could be moving to Potomac Yard

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]This deal is not done, so DC has some hope.  Lets pressure the Mayor and DC Council to move aggressively and quickly.  Both are important.[/quote]

The city has offered $500M with unanimous support of the council. The city doesn't have 70 acres to offer Ted as a counter to Virginia.

I am not sure what more you want them to do. [/quote]

To start, pass the legislation, and have it signed.  Not talk about it.  Then, look for other features to retain the teams.  Ted wants office space, so DC should find an office building near Capital One Arena.  Be creative on practice space.   Maybe, add hockey to or nearby the Wizards/Mystics current practice facilities.  But be aggressive.

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There is plenty of commercial real estate available near the arena. That isn't what Ted wants.[b] He wants "a complex" that he owns and controls, that is more than an arena and front offices. he wants what Virginia has promised. the council passing the 500 million dollar bond bill won't sway the deal, because DC cannot offer what Ted wants.[/b]

The question is, can virginia politics deliver? I don't see where democrats in the assembly are interested in subsidizing billionaires, and there certainly isn't any good will between Youngkin and the Assembly. And...I am not sure Alexandria is going to want to be on the hook for 9 figures of bond liability.[/quote]

I think this gets at the crux of the matter. Leonsis wants to own the land under the stadium so he can control how it is developed and used. Right now, he pays DC an artificially low rent of $300K per year until 2027. Then his rent is going to get jacked up and he’s at the mercy of the DC government.

He’s trying to make a move ahead of 2027 while he still has the upper hand. I don’t think he will be happy with the FBI site either, since there’s no way the federal government relinquishes control of the underlying land.

This is about control and power. And Leonsis doesn’t want to have to answer to a government landlord.

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It was apparent two years ago that the DC economy is in serious trouble.  If DC had made him an attractive offer a year ago then Youngkin would have not had time to put together a fairly complicated proposal requiring buy in from multiple parties.  That’s the point. Our leaders failed.  They had no sense of urgency. No vision. This is what happens when we elect “community activists” 100% of the time with no private sector experience.

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I disagree. Youngkin and Leonsis are old friends and part of the northern Virginia business community. This deal was years in the making, not weeks or months. Ted was continuing to try to extract more from DC while working out this deal with Youngkin. Once the framework of 70 open acres was in the discussion, there was no way DC was going to be able to compete.[/quote]

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