Spoiler alert: it’s about a POS owner wanting public money.
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Monumental recently asked the District for $600 million in public funding to renovate and upgrade the 26-year-old Capital One Arena, which would cover the majority of an $800 million transformation. Monumental has spent nearly $160 million on renovations of Capital One Arena over the years, while the District subsidized improvements in 2007 with $50 million in tax-increment financing.
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The Washington Post reported the state would create a Virginia stadium authority to build and own a massive mixed-use development that would include an arena in Potomac Yard for the Wizards and Capitals.
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