It looks like Monumental Sports & Entertainment owner Ted Leonsis may finally get his wish for a brand new practice facility for the Washington Wizards. D.C. Mayor Muriel Bowser reached a tentative deal with Leonsis to build a modern training center with roughly 5,000 seats on the east campus of the former St. Elizabeth's hospital. There are no reports yet on how much this facility will cost D.C. taxpayers, but the board of Events DC has approved funding of up to $32.5 million to pay for the $56.3 million facility. The Washington Post reported that Bowser committed to using city funds for "less than half" of the cost of the building. The City Council has also already approved more than $100 million in capital improvements on the site. According to Washingtonian, Leonsis could take one of two routes: either pay nothing for the construction of the facility and pay roughly $400,000 per year to Events DC in rent or pay $5 million up front in lieu of rent. According to The Washington Post, he will likely get a mostly taxpayer-funded deal with this new facility either way. Other locations that Leonsis has considered for the facility has included Shaw, Arlington, Silver Spring, and Howard University's campus.
[UPDATE: According to Washington City Paper, 90 percent of the facility will be funded by city taxes. It is estimated that the facility will generate $90 million in tax revenues over 20 years.]
· Bowser, Leonsis reach tentative deal for Wizards practice facility at St. Elizabeths [The Washington Post]
· DC Sports Authority May Pay for Most of Wizards Practice Facility [Washingtonian]
· Leonsis Considers St. Elizabeth's for Wizards Practice Facility [Curbed DC]
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