- 4/16/2025
There's MASSIVE news in DC as the Commanders are reportedly "close" to a deal with the city to land RFK Stadium.
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00:00But let's get to this breaking news into our station here right at the top of the hour.
00:05This is via NBC4 and Mark Seagraves, who is their reporter.
00:11He's, I guess, their Eric Flack, like the guy that we have on Channel 9 all the time.
00:15Mayor Bowser and the Commanders have the framework for a more than $3 billion deal
00:19to bring the team to D.C. and build a new stadium at the RFK campus site
00:23in time for the 2030 NFL season, which would mean, Danny,
00:27they're going back to the city and they're going to the RFK site.
00:30Yeah, so, you know, nothing is done, but it sounds like it's close.
00:34A couple other hurdles that has to go through.
00:36First of all, there's a D.C. budget process where they've got to trim
00:40close to half a billion dollars from it.
00:42That's ongoing and happening before this budget can be.
00:45It's a lot of logistical things that people shouldn't really worry about,
00:48but just know that nothing's a done deal.
00:50But the framework of the essential thing, which is local football team
00:55playing games at RFK and that development starting sooner rather than later,
01:00it seems like it's about to happen.
01:02So I'm just reading this like everybody else,
01:03but when I hear framework of a $3 billion deal,
01:06does that mean that D.C. is giving the Commanders $3 billion
01:09or that it's $3 billion total and that of that,
01:13maybe Harris is going to pay for, let's just say, half,
01:16and then D.C. owes him $1.5 billion?
01:18According to the story, the Commanders would put up as much as $2.5 billion,
01:21and the district would provide up to $850 million, documents obtained by News 4 Show.
01:26D.C.'s funding would go towards what are referred to as eligible capital costs
01:29associated with the stadium and infrastructure for the stadium
01:32and surrounding 180-acre campus,
01:35including parking structures that will serve the entire development.
01:38The district's investment will be paid in installments,
01:41with the first $500 million paid out between 26 and 30
01:44for various portions of the work as the stadium and infrastructure are completed.
01:47The other $350 million will be paid in 2032 through taxes generated
01:52from the new development to cover costs of the stadium or stadium infrastructure,
01:56a.k.a. first $500 million is an overlay.
01:58The next $350, give or take, is revenue taken in from what they've built.
02:04So I know that people despise and hate any idea of basically public money, so to speak,
02:11any kind of taxes or the city paying for any of it.
02:14I actually think the Hogs, Harris' ownership group,
02:17paying $2.5 billion as a team privately is a pretty damn good deal.
02:22That's a pretty darn good deal.
02:22If that's what it ends up being, those numbers that NBC4 is reporting here
02:26and Mark Seagraves has, $2.5 billion from the Commanders
02:29and $850 million from the city,
02:33I think that's about as good as you could ask for
02:35because, yes, ideally, Josh Harris pays for the whole thing,
02:39but he's not paying for a $3-plus billion stadium.
02:41And there is a benefit to the city to having the stadium there.
02:45So I've always kind of believed in the process of both having some opt-in, right,
02:50and both having some skin in the game.
02:53I think Harris should pay for more of it.
02:54I think the billionaire should pay for the majority of it.
02:57But this is, even on this pendulum, farther than I would have thought.
03:01If you told me it's $3.3 million divvied up,
03:04I just said maybe Harris does $1.3 million, $1.5 million.
03:06The team chips that in, and then the city does the rest.
03:11He's saying $2.5 billion for Harris and Rails and Magic and all those guys
03:15throwing their money into a pot,
03:17and then $850 million from Washington, D.C.
03:20I think that's pretty good.
03:21As far as deals go, and again, I'm not an economist,
03:24and it's always, you know, you can quibble with some of the math
03:29where everybody talks about, for example, new money generated.
03:32You know, is it really new money or is it just rearranged money?
03:35You know, there are all sorts of accounting terms and stuff with this
03:37that's above my pay grade.
03:39But in terms of on paper, what we're seeing here of a deal for the city,
03:42because what you're talking about isn't really building a football stadium
03:45that gets used 14 times a year.
03:47You're building all the infrastructure, all the parking,
03:50all the Whole Foods, the dog park, the whatever.
03:53If you just did that without a stadium, that's kind of what it costs.
03:57Does that make sense?
03:58Like if you want to build the wharf or you want to build, you know,
04:02the Capitol Waterfront, you want to build this, that, or the other,
04:04that's pretty much what you're spending.
04:07Does that make sense?
04:07So forget it.
04:08Let's say the stadium doesn't exist.
04:09It's got Thanos snapped.
04:11If you'd like to redevelop that area, tear down RFK,
04:14put a bunch of things there that people want, that's what it costs you.
04:18So for me, for the city, just based on this,
04:20that sounds like a pretty damn good deal.
04:22I know from just reading about stadiums being built, too,
04:25that economists are often really skeptical,
04:27or a lot of them are dubious about the whole tax bond thing.
04:30So, like, in this deal, Danny gave you these numbers,
04:33but I'm going to go back through them again.
04:35And if you're just joining us, the breaking news is that Mark Seagraves of NBC4
04:39is reporting that there is a framework of a deal in place between the commanders,
04:42the mayor, and Washington, D.C.
04:44Over $3 billion stadium at the RFK site could be taking place.
04:49The district's investment paid in installments.
04:52First $500 million paid out from 2026 through 2030.
04:56Various portions of the work at the stadium, infrastructure completed,
05:00so they're paying as they go over four years.
05:02But then the rest of the money, so there's still $350 million you're trying to figure out,
05:06that would be 2032, two years after it opens,
05:09still seven, eight years away from right now,
05:12based on the taxes generated from the development
05:14that cover the cost of the stadium and the infrastructure,
05:17meaning, like, this is the money we're making on the project
05:20that we then reimburse back into what we're paying you guys.
05:23That's always a little bit tricky math, I think, and bothers people.
05:27Yeah, that's fuzzy.
05:29You know, but, like, it could be a lot worse.
05:31But D.C. will, I'm sure, go to the taxpayer and say,
05:34you guys are only paying $500 million, right?
05:36Like, a half billion comes from us, but the other $350 million,
05:40this is actually going to be generated by the project.
05:41Yeah, you don't have to, it's not going to increase anything for you.
05:44So, yeah, it is the, you know, they'll say,
05:48well, look, we're only contributing this.
05:49Well, then there's, again, so many different economic concepts
05:52where, let's say I'm building Danny's Emporium,
05:56and I want to build Danny's Emporium,
05:58and I need a big square footage to do that.
06:00At Danny's Emporium, I then, I buy the land,
06:02I pay taxes on the land, I pay income taxes
06:05and payroll taxes, the whole nine yards,
06:06and money's just generated forever, right?
06:08As long as my business is viable and existing.
06:11The NFL has kind of, or stadiums have sort of a different animal.
06:13A lot of times, you'll give a tax break or something like that
06:16where what could be there and what could be generating revenue
06:20isn't to the same degree.
06:21You're not seeing any of that here in this language.
06:22Who knows if it's in there or not?
06:23I don't know, but it's one of those things
06:25where everybody gets to claim victory,
06:26and very quietly, the billionaires are in their rooms going,
06:29yeah, that's a great deal for us,
06:30because they know that long-term savings adds up a bunch,
06:34and cash overlays are, you know, easier for them at times.
06:36Who knows?
06:37Point is, it's way above my pay grade,
06:40and it's complicated stuff,
06:41where there's a reason these billionaires are so excited
06:43to jump in with any kind of public financing and forgiveness.
06:47But again, just on paper,
06:49this sounds like as good a deal for the city
06:52as you're going to find.
06:54I don't know how many billionaires
06:55and how many owners are going,
06:56yes, we'll do the 2.5 billion,
06:59because it's not just to get 2.5 billion in cash line around.
07:01They've got to go through their own financing
07:03and borrowing and capital raising
07:04and all those other kind of stuff to outlay for the project.
07:07People have a misnomer about billionaires.
07:09Like, they're walking around like Scrooge McDuck,
07:10and they just go to their money bin
07:11and just, you know, use the giant clause to take out money.
07:14It's an asset.
07:15It's like just your Bank of America account's got 2.5 billion in checking.
07:19You know what I mean?
07:20Like, there's a lot that's going to go into them
07:21forking over that cash.
07:23So that's pretty rare that you'd see that much.
07:26One of my real frustrations has been
07:28that while this thing dragged on
07:29and it's taken forever
07:30and nothing's in Sharpie yet,
07:32it doesn't seem like,
07:33but maybe they're closing in on a deal.
07:35My point was 2030 is getting less and less realistic.
07:38At some point, something's got to be done.
07:41You need to have a municipality
07:42so that you can, you know,
07:44get your blueprint together,
07:45so that you can break ground,
07:47so that you can build this damn thing,
07:48so that it can actually open in time for 2030,
07:51which is only five years away.
07:52I mean, it's going to take a couple years plus
07:54to build this thing.
07:56There's all kinds of red tape
07:57and things that need to be accomplished
07:58and cut through and done
07:59just to get to the point where you start building
08:02and then you still need,
08:03that needs to happen two and a half years,
08:04probably at least before the first game.
08:06So my point was,
08:08it is time to figure this out.
08:10We've got to start moving here.
08:12Well, today gives you a chance to do that.
08:15The deal calls for the stadium
08:16and the parking around the stadium,
08:17and there's not going to be much of that,
08:18by the way,
08:18so get ready to kiss your tailgates goodbye.
08:21Basically, though,
08:22the deal calls for the stadium
08:24to be finished by the fall of 2030.
08:27So maybe it's one of those situations
08:28where Washington opens up on the road
08:30to give you that extra couple of weeks.
08:31It almost always happens with a new stadium,
08:33but maybe it's week three after two road games
08:36or week two or whatever,
08:37and they're playing their first home game.
08:38But the 2030 season,
08:40meaning the countdown is on to the end
08:42of Northwest Stadium, thank God.
08:44Yeah, man.
08:44Five more years
08:45where they can play their stadium,
08:48their games at that terrible stadium
08:50that nobody wants to go to,
08:52and then six football seasons from now in 2030,
08:54if everything works out,
08:56this deal between the team,
08:58Muriel Bowser, Washington, D.C.,
09:00$3.3 billion,
09:01you'd have a brand new state-of-the-art,
09:03gorgeous stadium.
09:05Obviously, the Ram Stadium,
09:06so far, costs like $5 billion,
09:08but the going rate for a really nice stadium
09:10is like a little under $2 billion.
09:12So $3.3 ain't nothing.
09:14I mean, that's...
09:15What is the Bills Stadium costing?
09:17I want to say that.
09:17I think it's sub two, if memory serves.
09:19I think it was...
09:20Right around two?
09:21$1.82 billion, something like that.
09:23I remember Tennessee's was similar,
09:24but to me, it's a big part is the real estate.
09:272.1 bill is what we're looking at
09:30for the new Bills Stadium.
09:31So that's another...
09:31I understand D.C. versus Buffalo,
09:34you know, just where you're building
09:36in the city, at RFK, I get it,
09:38but an extra billion dollars
09:40being spent on Washington Stadium
09:41compared to some of the new stadiums
09:43being built right now.
09:44Yeah, I mean, just again,
09:46the inflated price of the land
09:48and the deconstructions.
09:50Remember, it's not just an empty field, right?
09:52You've got to knock down a bunch of stuff,
09:53remove all that,
09:54build infrastructure around it.
09:55Who knows what the Bills had to
09:56or when Tennessee built theirs,
09:58or, you know,
09:59you could pick your newer stadium.
10:01I don't know if it's as involved
10:02as what's going to happen here in Washington
10:04in terms of thoughtful planning
10:05that has to take place for this to work.
10:08I mean, I know that the smart people
10:09have thought about it.
10:10I'm just pointing out to all of us.
10:11In order for this to be viable,
10:13it can't just be,
10:14we moved the debris
10:16of dilapidated RFK out of there,
10:19plopped the new stadium down
10:21and said, good luck.
10:22There needs to be really, really,
10:24really well-designed,
10:25thoughtful infrastructure
10:26to allow people to get there easily,
10:28those who are driving to
10:29and parking or whatever
10:31to be able to do that freely,
10:32to put all the different retail shops,
10:35Greenland, not the country,
10:37but like areas that have greenery
10:38and grocery stores,
10:40all the things that the locals want
10:41that everybody seems to want
10:42as part of this.
10:43Yes.
10:43You've got to build this
10:44and design this incredibly well.
10:46Well, we talked a couple of times over
10:48with different planners
10:49and people that were involved
10:50in the D.C. politics of this
10:53over the last few months
10:54and they've all said,
10:55to your point,
10:55you need to keep fields
10:56to keep people happy
10:58that say, I need youth fields.
11:00So that's a part of the 180 acres.
11:02Then you need your restaurants
11:04and your town center,
11:05your bars, whatever, check.
11:07Now you need your hotel or two,
11:08check.
11:09So all of a sudden,
11:10180 starts shrinking,
11:11shrinking, shrinking.
11:11And this is where
11:12that Eric Flack report,
11:13remember, Channel 9 reporter
11:14from a couple of months ago
11:15where there's going to be
11:16very little parking
11:17to no parking comes into play.
11:19It's going to be
11:20some parking garages for sure,
11:22but the tailgating scene
11:23is not going to exist necessarily.
11:25It's going to be very,
11:25very limited in terms of parking.
11:28That's maybe the only,
11:29certainly one of the major drawbacks.
11:32Trade-off, yeah.
11:33But trade-off's a great word.
11:34You're going to be in D.C.
11:36You can metro to and from.
11:38You're going to be able
11:38to go to bars and restaurants
11:40and then walk over to the game
11:42in a way that you can't right now.
11:43The only stadium in the NFC
11:45at this moment
11:46where you can't go to a restaurant
11:48or a bar within a mile
11:49from your seat
11:50where you're sitting at the game
11:51is Northwest Stadium.
11:53Another burning question
11:54I would ask is,
11:55is there any thought
11:55to the facility being there?
11:57I would say no.
11:58I don't think there's enough space.
11:59Not enough space.
12:00And there's been some thought
12:01that if they end up in D.C.,
12:02maybe you keep the facility
12:03in Virginia anyway
12:04because a lot of the players
12:05want to live further removed
12:07and maybe out a little more rural
12:09and get a little more space.
12:10So maybe they just build
12:11something new out west
12:13near Ashburn.
12:14Do you go to Bowie area
12:15in Maryland
12:15because it's a little easier
12:16to commute possibly?
12:18I'm not sure.
12:18But that's another thing
12:19we've got to tackle
12:20as we move forward here.
12:21But this is pretty stunning.
12:23And out of nowhere today,
12:25here on April 16, 2025,
12:27one of those days
12:28we'll remember forever
12:29if this comes to fruition.
12:30The story being broken
12:32on NBC4 by Mark Seagraves,
12:34he says that Muriel Bowser,
12:36the mayor of D.C.,
12:38and the Washington Commanders
12:39have the framework
12:40for a more than $3 billion deal
12:42to bring the team to D.C.
12:43and build a new stadium
12:44at the RFK campus
12:46in time for the 2030 season.
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