Downtown Arena Revitalization Emergency Declaration Resolution of 2024

This resolution declares an emergency to expedite the approval of a redevelopment plan for the Capital One Arena in Washington, D.C. It authorizes the District government to purchase the arena building and lease the property to a private company called DCALP, which has agreed to contribute $372.5 million toward renovations. In exchange, the District will provide approximately $800 million in total project investment, including funding for renovations, tax breaks, and airspace leases. The agreement ensures that the Washington Wizards and Capitals will remain in the district through at least 2050 and aims to revitalize the surrounding Chinatown/Gallery Place neighborhood.