TLDR Prince George’s County approved up to $215 million in special obligation bonds for the $1.4 billion Sphere National Harbor. About $130 million will fund site and infrastructure work through a Tax Increment Financing arrangement. An Ernst & Young study projects $63 million in yearly local tax revenue and a $1.3 billion annual economic impact. The 6,000-seat venue is expected to draw more than two million visitors each year. The site sits next to MGM National Harbor, which has 308 hotel rooms and a large casino floor.
Prince George’s County in Maryland has approved up to $215 million in public financing to help build the $1.4 billion Sphere National Harbor. The venue is planned for a 14-acre site next to MGM National Harbor in Oxon Hill.
The project is being developed by Sphere Entertainment. The company is controlled by New York billionaire James Dolan.
How the Financing Works
The county will issue up to $215 million in special obligation bonds for the project. Roughly $130 million will go toward site and infrastructure support through a Tax Increment Financing arrangement, also known as a TIF.
Under the plan, the public funds will be paid back using future tax revenue from the site. This includes property, sales, hotel occupancy, and amusement taxes.
The financing package also covers a $40 million parking garage. The county will own the garage, which will be built on the project site.
County Executive Aisha Braveboy called the TIF and county support “a smart way to do public investment.”
Some county residents oppose using public money to help Dolan build the venue. Braveboy and the County Council say the support is a sound bet.
Projected Economic Impact
County leaders point to an economic impact study by Ernst & Young. The study found the county would