Virginia lawmakers set to take up proposal to help fund new arena for Capitals, Wizards
Virginia Governor Glenn Youngkin has proposed a plan to construct a new sports arena and entertainment district in northern Virginia, which some advocates deem as a lucrative, generational job creator. The project would aim to attract NBA’s Washington Wizards and NHL’s Washington Capitals from the nation’s capital. The plan outlines a $2 billion development in the Potomac Yard area, and most of the funding would come from bonds issued by a stadium authority, a government entity proposed to be created. Critics argue that the project would be a lavish taxpayer handout to the wealthy owners of the teams’ parent company, and question the projections of economic benefits from the relocation. The proposal is yet to get approval from lawmakers. Keywords: Virginia, Glenn Youngkin, sports arena, entertainment district, NBA’s Washington Wizards, NHL’s Washington Capitals, Potomac Yard, taxpayer handout, economic benefits, lawmakers.
Leave a Comment