Virginia’s House and Senate bills have broad language and no monetary cap for funding the potential Commanders stadium complex. “It’s an endless gravy train of subsidies,” one expert said.
But they’ve really been deciding this: Should Virginia forfeit possibly unlimited tax dollars to finance not just a stadium but team offices, unrelated office space, retail stores, restaurants, lodging and anything else that the team, stadium authority and local government are up for?
Neither bill caps the amount of money that can be raised. And while the House bill limits the bonds to 20 years, the Senate version would allow the stadium authority to issue new bonds in perpetuity — and collect the tax revenue to pay them down — to finance new construction, expansion, repairs and maintenance.
A lawyer and lobbyist for the team said Saturday that the language will be tightened if needed. But he noted that the definition of “facility” — including references to restaurants, non-team office space and lodging — was taken directly from a portion of state code created in 1995 with hopes of attracting a Major League Baseball team to Virginia.
“We recognize that the Senate version of the bill gives the authority to issue debt in the future, but we think that generally would occur in the context of a strong ongoing relationship that might need upgrades,” he said. “And just like the initial offering, would obligate the team to stay and play until those bonds are paid off or defeased.”
The person close to the team said there is no intent to include things in the “facility” that are not “contiguous and closely related to football operations.” He noted that local officials would have to consent to what’s included in the “facility,” calling their power “the check in that system.”Legislation to create a football stadium authority to oversee the financing and construction of the stadium has been. Gov. Glenn Youngkin gave it a shout-out in January in an address to the legislature.
The House bill allows the stadium authority to take a share of sales tax revenue generated in the “facility” and “campus” for 20 years or until the bonds are paid off, whichever comes first. The Senate version has no time limit and includes sources of tax revenue beyond sales tax — including personal income tax revenue generated within the “facility,” the team’s corporate income tax revenue and pass-through-entity tax revenue.
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