How D.C. found $1.1 billion to redevelop RFK Stadium

Axios

3 days ago

To help redevelop RFK Stadium, D.C. freed up $395 million meant for the D.C. jail and found an additional $800 million in savings.
Why it matters: The money moves show how Mayor Muriel Bowser wants to fund her legacy project to return football to D.C.
The big picture: Bowser plans to spend about $1.1 billion on the RFK Stadium development, including $500 million for infrastructure at the site of a Super Bowl-ready Commanders stadium.
Despite having a tough economic outlook, here's how the city is making it happen, according to Bowser's budget for next year.
Follow the money: The mayor's budget director, Jenny Reed, told reporters on Tuesday that no school, library or recreation center project was delayed or cut in funding.
Still, the city made some moves to free up funding:
1. Due to ballooning costs, Bowser is dropping plans for a $400 million new D.C. jail.
Instead, her budget proposal would spend $5 million toward planning a replacement to the city's nearly 50-year-old jail, which advocates have said is crumbling. The city would work with a private investor to cover construction costs.
2. The District refinanced old debt, saving $800 million, officials said.
"Suddenly, we are able to have more funding available," city administrator Kevin Donahue said at the Tuesday press conference.
Part of Chief Financial Officer Glen Lee's job is "always looking for ways to get us better rates," said Bowser — including money that helped fund Capital One Arena's $515 million modernization, which was approved last year.
3. Paying off Nationals Park bonds early.
That freed up a revenue source — the Nats Park ballpark revenue fund — to be used for the Commanders stadium infrastructure.
The bottom line: The D.C. Council will have to give final approval to the budget and the RFK Stadium proposal.