U.S. House of Representatives
The House passed a continuing resolution that will keep the government open beyond a looming deadline, use federal money to repair the Francis Scott Key Bridge, a tolled span in Maryland, and transfer the RFK stadium site to Washington D.C., which could turn into a bond bonanza.
“The RFK Stadium bill is a win-win for the federal and D.C. governments,” said Congresswoman Eleanor Holmes Norton.
“It would allow D.C. to transform the crumbling, long-vacant campus from acres of asphalt to a complex focused on community sports, recreation, park space and cultural amenities. Additionally, this bill would allow D.C. to create a mixed-used development and to generate significant revenue for the District.”
The continuing resolution, which still needs to be passed in the Senate, extends federal funding for the government until March 14. States and municipalities rely on federal money for infrastructure funding and Medicaid support.
The $110.4 billion package includes additional riders offering hurricane relief, bans “price spreading,” in healthcare and boosts agriculture support while providing a pay raise for lawmakers.
Money is also going to repairing the Francis Scott Key Bridge, a tolled state highway that crosses Baltimore’s inner harbor.
Maryland Sens. Chris Van Hollen and Ben Cardin, both Democrats, issued a joint statement clarifying how the federal government will be reimbursed for fixing a state highway with an estimated repair bill of nearly $2 billion.
“With the inclusion in the continuing resolution of our Baltimore BRIDGE Relief Act, Congress is now committed to covering the full cost of replacing the bridge,” they said.
“Our provision also ensures that the federal taxpayers will be reimbursed through proceeds from insurance payments and litigation taken on by the Department of Justice, the Maryland Attorney General and others.”
The CR provides an extra piece of framework for swapping control of the RFK stadium site for transferring control of an Air National Guard squadron from Washington D.C. to Maryland.
Maryland wants the squadron in exchange for not contesting an eventual move of the NFL’s Washington Commanders from its current home in Landover to Washington’s Hill East neighborhood.
The new stadium that would be built on the 174-acre RFK site, which would also include mixed-use development incorporating retail, hospitality and residential, which is currently forbidden under the current lease arrangement.
The owners of the Commanders have also agreed to pay for demolishing the team’s current home, Northwest Stadium in Prince George’s County, and redeveloping the area around it.
Washington D.C has a history of tapping bond funding to support its major sports franchises, including a $515 million bond-financed renovation of Capitol One arena.
That deal got the final sign-off from the Washington D.C. City Council on Tuesday. The three-year renovation is expected to create 4,900 construction jobs and generate $21 million in new tax revenue for the city.
Nationals Park, in Washington D.C., which hosts Major League Baseball’s Nationals, was built from scratch in 2008 for a total cost of $783.5 million which included $535 million in municipal bonds.