Let’s not make a ‘Monumental’ mistake
Governor Glenn Youngkin recently came to terms with the billionaire owner of the Washington Wizards and Capitals over $2 Billion in subsidies to control our city by mortgaging our future. Youngkin is trying to get the State Legislature and Alexandria City Council to approve their unbelievable scheme before you know what is in it and how it will impact our community for generations.
In their scheme, Potomac Yards would effectively be removed from the tax rolls of Alexandria and would instead be the largess of a commission appointed by Governor Youngkin to benefit a Billionaire. Our Trump supporting Governor should not control our money that could be used by Alexandria for schools, affordable housing, public safety and more. Why would our elected officials in Richmond and in Alexandria give Youngkin control of all tax revenue from Potomac Yards?
The facts are simple:
1. The financial risk to Alexandria is unacceptable. Stanford university sports economist Roger Noll says, “No facility with a subsidy of more than two hundred million has ever broken even.” Youngkin's plans put Alexandria at risk of financial devastation by taking away local taxable land and forcing us to be the financial guarantor of over half a billion dollars in bonds based on a sketchy set of projections provided by Monumental Sports.
2. Our infrastructure - the Metro and roads – will never be equipped to handle the crowds that would come with a sports and entertainment venue. Youngkin’s own traffic study says it will take 60 to 90 minutes for the crowds to dissolve after events at Potomac Yards. This will add to your commute time, will change the character of our city and could even jeopardize the operations of National Airport.
3. The Washington Post has called this scheme the “largest subsidy ever given.” Our elected officials need to explain to us directly why they would vote for such a scheme.
Now is the time to act: Please fill out his form and send an email to demand our local and state elected officials vote ‘NO’ on the Youngkin scheme.
Our voices must be heard so our elected
officials do not make a ‘Monumental’ mistake!