VA Senate Majority Leader Scott Surovell: Proposed Wizards/Caps Arena “could have a major positive impact,” “will not have any taxpayer dollars go toward it,” But Not a Done Deal Yet

As you all have likely heard, the General Assembly is currently considering bringing an arena and major development project to the Potomac Yard area of Alexandria. I have introduced the legislation that would allow for the financing of this project, and I want to make sure you understand why and what my priorities are with this project.

When Governor Youngkin announced this project, he noted that it would need General Assembly approval. I introduced SB 718, which would create an authority of local and state representatives that would be able to lend and oversee the project. I thought it was important to introduce this so I can ensure we have an open and robust conversation about the critical details of this effort and that I can take the lead on the negotiations.

If done correctly, this project could have a major positive impact on our region and the entire commonwealth. The best economic projects show that when this is fully built out, it could bring in about $3 billion per decade. That kind of state revenue could go to badly needed initiatives like our chronically underfunded education system, transportation infrastructure, mental health services, and so much more.

An important note – this project will not have any taxpayer dollars go toward it, as the financing will come by lending money through bonds. Also, because I have heard from so many about this, plans are in the works to ensure the Target is either preserved, renovated, or moved to a location near by.

We have a long way to go with these negotiations, but I will let you know the four main priorities I have when it comes to this project:

• Metro Funding – Securing investments in Metro (both short term and long term funding), which is necessary for both our region and this project to be successful
• Good Wages – Ensuring strong wages and benefits of both the people who build the facility and those that will work in the businesses there once the arena is constructed (hotels, restaurants, etc)
• Transportation Infrastructure – Commitments in improving transportation access in this area, including transit, road, bicycle, and pedestrian infrastructure. A transportation study is underway that will help drive the conversation in what for this.
• Financial Benefits – Confirming the validity of the financial projections of this project and ensuring taxpayers are not assuming undue risk

There is a long way to go before the details of this project are finalized, and I look forward to keeping you updated. If you are doing some research on your own, a great resource for information about this project is the Alexandria Economic Development Partnership’s webpage “Monumental ALX.” Do not hesitate to reach out about any questions or comments on this project.