WASHINGTON — The monumental proposal of the District of Columbia to purchase Capital One Arena is garnering strong reactions from sports fans and DC taxpayers.
Under Mayor Muriel Bowser’s proposal, $87.5 million of already-approved funding would be used to purchase the arena from Monumental Sports and Entertainment. The DC Council approved a $515 million funding deal back in April; money to buy the stadium would come from that allocation. Monumental would also invest an additional $285 million of its own money for an expansion into Gallery Place Mall next door.
The legislative proposal introduced by DC Council Chairman Phil Mendelson calls for the District to lease Capital One Arena back to Monumental through 2050, with the option of five four-year renewals after that…