Author Topic: Caps and Wiz moving to Potomac Yards?  (Read 5478 times)

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Offline Natsinpwc

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Re: Caps and Wiz moving to Potomac Yards?
« Reply #275: February 14, 2024, 09:30:56 PM »
I’m sure it will.

Offline GataNats

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Re: Caps and Wiz moving to Potomac Yards?
« Reply #276: February 15, 2024, 12:36:51 AM »
Yep. Doesn't help that Kuzy didn't pan out either. But the truth is, they had a perfect opportunity last year to trade Ovi and do a quick rebuild, and instead, Leonsis wanted to keep him for a legacy.

Doesn't mean that the team can't compete, but its going to take a lot more to get them to the playoffs.

LOL.  You never trade Ovi.  That is ridiculous.  Kuzie, Backy, and Carlson should have been gone a long time ago

Offline Five Banners

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Re: Caps and Wiz moving to Potomac Yards?
« Reply #277: February 17, 2024, 12:04:39 AM »
I’ve seen reticence to get into project details before, but this may seem to be going well past ridiculous:

https://www.nbcwashington.com/investigations/alexandria-arena-study-predicts-22-job-growth-economist-calls-it-a-fantasy-document/3546242/?amp=1

“After months of refusing to release the report, economic planners in Alexandria rolled it out on a background call with reporters Friday. It was posted online at the same time. In order to hear the authors and economic planners discuss the report, reporters, including those at News4, had to agree not to reveal the identity of speakers or answers they gave.”

“There are also several sections redacted or blacked out in Friday’s report, including how much money existing businesses bring into the area now and how much money HR&A economists predict people will spend at events.”

“The I Team worked for months to get documents like this. Monday on News4, the I-Team will show what it faced trying to get other detailed information on this deal from elected leaders that they want taxpayers to fund.”

Offline Slateman

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Re: Caps and Wiz moving to Potomac Yards?
« Reply #278: February 17, 2024, 08:58:35 AM »
"Taxpayer to fund"

Correct me if I'm wrong, its being funded by bonds, right?

Offline HalfSmokes

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Re: Caps and Wiz moving to Potomac Yards?
« Reply #279: February 17, 2024, 09:04:13 AM »
"Taxpayer to fund"

Correct me if I'm wrong, its being funded by bonds, right?

It’s being funded by revenue bonds back by the state. The assumptions behind those bonds are hilariously optimistic. If the revenue falls short, the state makes up the difference

Offline HondoKillebrew

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Re: Caps and Wiz moving to Potomac Yards?
« Reply #280: February 18, 2024, 01:26:31 PM »
It’s being funded by revenue bonds back by the state. The assumptions behind those bonds are hilariously optimistic. If the revenue falls short, the state makes up the difference

The shorthand in news reports leads to a lot of public confusion about such deals. But, yes, it comes down to how realistic the projected revenue streams are and the risk that the state / taxpayers will need to make up for shortfalls. That’s what needs to be thoroughly examined. 

Offline imref

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Re: Caps and Wiz moving to Potomac Yards?
« Reply #281: February 18, 2024, 05:00:40 PM »
this is so similar to the deal Prince William County had with the Potomac Nationals to build a new stadium in Woodbridge. The revenue required to cover the interest on the bonds was wildly optimistic and so the county government killed the deal. I think that worked out well for both sides. The team is much better positioned in Fredricksburg IMHO.


Offline Five Banners

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Re: Caps and Wiz moving to Potomac Yards?
« Reply #283: February 20, 2024, 12:22:23 AM »
https://www.bloomberg.com/news/articles/2024-02-17/plan-to-move-washington-capitals-wizards-to-virginia-funded-with-income-tax

Did they just dust off the old VA playbook from 2004? I need to check back, but I seem to recall that the alternative funding after the “moral obligation” aspect of the Virginia bond plan went nowhere was something focused on diverting the revenue from player income taxes – – which also didn’t go anywhere.

A big part of the story may be what’s here and has been put it out elsewhere as far as the crossover business interests with Youngkin and Leonsis both listed in the same ownership for the professional fighting league. One of the consultant reports even highlighted MMA and other fighting sports iassignificant in what this deal would offer. 

Offline HalfSmokes

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Re: Caps and Wiz moving to Potomac Yards?
« Reply #284: February 20, 2024, 06:24:02 AM »
Don’t most of the Caps already pay income taxes in Virginia?

Offline Natsinpwc

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Re: Caps and Wiz moving to Potomac Yards?
« Reply #285: February 20, 2024, 07:36:43 AM »
Don’t most of the Caps already pay income taxes in Virginia?
Sure but visiting teams now pay to DC   Now they would pay to Virginia.  And other performers for concerts. 

Offline JCA-CrystalCity

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Re: Caps and Wiz moving to Potomac Yards?
« Reply #286: February 20, 2024, 08:36:43 AM »
so let me get this straight - Alexandria and Arlington will be on the hook for some traffic improvements, police, and fire, but they do not get any additional revenue from income, sales, or property taxes? This will accelerate development, perhaps massively, but there's no question this property would be developed, perhaps Amazon and VA Tech spin offs. Had the development proceeded naturally, the revenue to pay for police and fire, etc... would  have gone to the cities.

This forecloses the natural development, which in recent years attracted Boeing's HQ, Amazon HQ2, and I think another major contractor. Just how hurting is this area for business that we have to squeeze out the natural growth? Does anyone think an open parcel this close to a major downtown would have gone undeveloped?

Being a Mass-hole originally, I kind of love the deals that were struck / not struck in eastern Mass for stadiums. The reason there's still a Fenway is the Mass legislature struck such a state-favorable deal that the banks would not finance the new park. For Gillette, they only ended up putting up some Route 1 improvements and Kraft (and Drew Bledsoe) paid for the rest. Kraft got to keep the profits.  I don't think there's any public money in TD Garden, either.  I'm good with Leonsis and JBG Smith or whoever cutting a deal on the real estate and making money, but I don't want them to be hogs about it.

Offline blue911

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Re: Caps and Wiz moving to Potomac Yards?
« Reply #287: February 20, 2024, 09:32:40 AM »
Sure but visiting teams now pay to DC   Now they would pay to Virginia.  And other performers for concerts.

DC simply collects the state tax due whichever state the player resides and passes it along.

Offline imref

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Re: Caps and Wiz moving to Potomac Yards?
« Reply #288: February 20, 2024, 09:50:14 AM »
Virginia Senate does not include arena or Metro improvements in its spending blueprint:
https://www.washingtonpost.com/dc-md-va/2024/02/18/virginia-senate-house-budget-arena-metro/

Probably likely that the arena deal is tabled until next year.

Offline Five Banners

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Re: Caps and Wiz moving to Potomac Yards?
« Reply #289: February 20, 2024, 10:57:48 AM »
Virginia Senate does not include arena or Metro improvements in its spending blueprint:
https://www.washingtonpost.com/dc-md-va/2024/02/18/virginia-senate-house-budget-arena-metro/

Probably likely that the arena deal is tabled until next year.

A recent lengthy Post article appeared to indicate that Bowser has been ready to offer a pot of gold that may not require all these hoops. Why not tell the governor hey we tried, see you at the fights, and tell Bowser if they get the police presence to pre-shut down levels, it’s a go?

And if Leonsis doesn’t, maybe Youngkin can let his business pal down easy, and let DC pour in the dough? Any additional time for people to look at the numbers doesn’t figure to auger well for this, let alone a year from now.

Offline varoadking

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Re: Caps and Wiz moving to Potomac Yards?
« Reply #290: February 20, 2024, 11:24:01 AM »
The other recent big Post article says the Bowser has been ready to offer a pot of gold that may not require all these hoops. Why not tell the governor hey we tried, see you at the fights, and tell Bowser if they get the police presence to pre-shut down levels, it’s a go?

And if Leonsis doesn’t, maybe Youngkin can let his business pal down easy, and let DC pour in the dough? Any additional time for people to look at the numbers doesn’t figure to auger well for this, let alone a year from now.

This deal was always DOA.  Shame that Ted went in with blinders on...not like he has a great product to market anymore.  Maybe this would have had a chance if it came up in 2018... 

FWIW, Ted's mouthpiece said it's not about money...it's about real estate.  They are spread out in different 5 buildings now and they want to consolidate.

To be sure...it's about money.  It's always about money.  But this would make it more difficult for them to backtrack...or not.  Pretty easy to wiggle out of things when you're covered with slime...

Offline Natsinpwc

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Re: Caps and Wiz moving to Potomac Yards?
« Reply #291: February 20, 2024, 11:36:26 AM »
Yes money for sure. They are concerned about the real estate for financial reasons.  I’m any event they said they were going to keep Capital One even with the new arena. So they would still be spread out.  Double talk. 

Offline Five Banners

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Re: Caps and Wiz moving to Potomac Yards?
« Reply #292: February 20, 2024, 11:43:20 AM »
Yes money for sure. They are concerned about the real estate for financial reasons.  I’m any event they said they were going to keep Capital One even with the new arena. So they would still be spread out.  Double talk. 

Wait, not having their estimated 685 employees right next to the arena might not make a difference except on the real estate portfolio ledger?

Offline imref

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Re: Caps and Wiz moving to Potomac Yards?
« Reply #293: February 20, 2024, 11:50:06 AM »
A recent lengthy Post article appeared to indicate that Bowser has been ready to offer a pot of gold that may not require all these hoops. Why not tell the governor hey we tried, see you at the fights, and tell Bowser if they get the police presence to pre-shut down levels, it’s a go?

And if Leonsis doesn’t, maybe Youngkin can let his business pal down easy, and let DC pour in the dough? Any additional time for people to look at the numbers doesn’t figure to auger well for this, let alone a year from now.

Bowser can't offer the practice facility that Ted wants unless she can find another parcel of land nearby.

Offline JCA-CrystalCity

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Re: Caps and Wiz moving to Potomac Yards?
« Reply #294: February 20, 2024, 11:52:46 AM »
Bowser can't offer the practice facility that Ted wants unless she can find another parcel of land nearby.
FBI building

:couch:

Offline Five Banners

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Re: Caps and Wiz moving to Potomac Yards?
« Reply #295: February 20, 2024, 11:55:17 AM »
Bowser can't offer the practice facility that Ted wants unless she can find another parcel of land nearby.

If could stick a practice facility on top of a declining mall in Ballston, I’m very confident that they could manage something similar in a city where the mayor has been lamenting the lack of activity during the shutdown, which figures to be reflected in the surrounding buildings

Offline Natsinpwc

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Re: Caps and Wiz moving to Potomac Yards?
« Reply #296: February 20, 2024, 12:11:44 PM »
Bowser can't offer the practice facility that Ted wants unless she can find another parcel of land nearby.
GAO Building.  No one likes them anyway. Troublemakers. 

Offline imref

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Offline Five Banners

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Re: Caps and Wiz moving to Potomac Yards?
« Reply #298: February 20, 2024, 03:35:11 PM »
AFL-CIO comes out against the move: https://www.washingtonpost.com/dc-md-va/2024/02/20/virginia-labor-unions-arena-oppose/

This particular quote seems significant coming from not only a city Council member, but someone on the board of the Alexandria economic development partnership. That was a big part of this:

“Chapman said that “with additional discussions going on in Richmond, I’d be very surprised if the thing actually moves forward.””

Again, why not pick up with the development that was already planned for there and let DC kick off what Bowser had proposed?

Offline HalfSmokes

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Re: Caps and Wiz moving to Potomac Yards?
« Reply #299: February 20, 2024, 03:54:55 PM »
If this dies, I’m guessing DC’s offer is a lot less generous.