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A piggy bank is required at the ballpark for extra funds on rainy days. The DC Council has introduced a new fund to support the future maintenance of Nationals Park.
Even at the stadium, you need a piggy bank as a backup fund for rainy days. The D.C. Council could create a stadium maintenance fund just for Nationals Park.
On Tuesday, Assembly Speaker Phil Mendelsohn introduced a new amendment to create a maintenance fund. The remaining funds in the stadium revenue fund will be transferred to the new fund, along with stadium sales taxes and a portion of the rent paid for the stadium.
“We are excited about the future of Nationals Ballpark in the District,” Mendelsohn said. In a statement. “This recommitment allows the revitalization of our stadium to remain a key component of the Capital Riverfront District. This stadium is owned by the District and we are committed to properly restoring it. , must be kept up to date. This bill also prioritizes repayment of existing stadium debt.”
According to the chairman, the new fund will be fully self-financed.
“There is no fiscal impact, no borrowing is required, and no general fund revenues are used for this maintenance,” he added.
This attention to Nationals Park maintenance comes as the district seeks to entice the Wizards and Capitals to remain at Capital One Arena by providing $500 million for arena renovations. Monumental Sports & Entertainment, which owns the team, announced it is considering moving to a new arena in Alexandria.
According to the proposed bill, the money set aside in the stadium maintenance fund would specifically be used to “obligate the district under the stadium lease agreement for the maintenance, repair, and improvement of the stadium.”
Events DC, the public-private partnership that maintains the city-owned stadium, will have to use that money and excess reserves to pay for the additional stadium costs before the district steps in and pays for the renovations.
One of those upgrades is a new scoreboard costing between $20 million and $22 million, Mendelsohn said, which the Nationals will replace the old scoreboard that was falling apart last October.
In a statement, Mendelsohn emphasized that the new maintenance fund will help stabilize the future of Navy Yard Sports Stadium.
“Not only are we providing a secure future for the stadium and its teams, but the ongoing maintenance costs are fully borne by the stadium and its fans,” Mendelsohn said.
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