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Metropolitan DC Local Politics
Reply to "Wizards and Caps could be moving to Potomac Yard"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Since this seems to have fallen off the radar, https://russianmachineneverbreaks.com/2024/12/17/dc-council-approves-capital-one-arena-legislation-ted-leonsis-capitals/ [quote]First, the District government is purchasing Capital One Arena from MSE for $87.5 million. The venue will then be leased back to MSE, who will operate and maintain it, for about $2 million a year through 2050, with up to five four-year renewals beyond that. [/quote] [/quote] This misses DC government’s obligation to invest $500 million in improvements. So in effect, DC is buying the Arena for $600 million and in return receiving $37 million in rent over 25 years. Which at that time there will be no residual value in the building. [/quote] WTF. Who’s getting a kickback from this sorry negotiation. [/quote]
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