Prince George's County Backs $1.4 Billion Sphere Project With $215 Million

The Prince George's County Council in Maryland voted unanimously on Tuesday, October 27, to approve special obligation bonds of up to $215 million for Sphere Entertainment. This support will make possible the construction of the $1.4 billion Sphere National Harbor project.

The county will provide about $130 million in support for the land and infrastructure. This support is being delivered through a tax increment financing method. The project's owners will repay the public funds with future property, sales, hotel occupancy and amusement tax revenues. The financing plan also includes a $40 million county parking garage to be built on the 14-acre site where the project will sit.

County Executive Aisha Braveboy described the decision as a turning point for the county's economic future. Braveboy said the county is becoming a global destination for investment, entertainment, technology and innovation. Supporters of the project rely on an economic impact study prepared by Ernst & Young. According to that study, the county will receive $63 million in local tax revenue per year from Sphere National Harbor.

Some groups in the region oppose public support for New York billionaire James Dolan. Sphere Entertainment, which Dolan controls, also owns brands including Madison Square Garden, Radio City Music Hall, the New York Knicks and the New York Rangers.

The planned Sphere National Harbor will be a domed venue with a capacity of 6,000, with high-resolution LED panels covering both its interior and exterior. It will be much smaller than the 17,600-capacity Sphere in Las Vegas. Officials say the construction phase will create 3,350 full-time and part-time jobs. Once completed, the project is expected to generate an annual economic impact of $1.3 billion and provide direct or indirect employment for about 7,100 people.