Prince George’s County Approves National Harbor Sphere Financing

The Prince George’s County Council has given final approval to a financing plan for a proposed 6,000-seat Sphere entertainment venue at National Harbor, authorizing up to $215 million in special-obligation bonds. The project is estimated to cost about $1.4 billion, with an opening targeted for early 2030. Under the terms described by county officials, Sphere Entertainment would repay the bonds over time, with tax revenues generated by the completed venue supporting repayment. The county also plans to build a $40 million parking garage. Maryland is reported to be contributing more than $13 million toward development. County projections estimate the operating venue would generate about $63 million in annual taxes, including property, sales and amusement taxes. That figure is a forecast, not revenue already collected. County Executive Aisha Braveboy has also projected a $1.3 billion economic impact for Prince George’s County and $1.5 billion for Maryland. The council approved a labor peace agreement allowing unions to organize workers once the venue is operating. The arrangement does not include protections for construction workers. Earlier negotiations included calls for a...