The D.C. Council gave final approval to using public funds to help build a stadium for Major League Soccer's D.C. United.
The District of Columbia will spend roughly $140 million to secure the land for the stadium site on Buzzard Point in southwest Washington, a neglected peninsula about 2 miles south of the U.S. Capitol. The city will also give up about $40 million in tax revenue.
Council Chairman Phil Mendelson says interest and other costs will ultimately push the price tag over $200 million.
D.C. United will spend $150 million to build the soccer-specific stadium itself. Since 1996, D.C. United has used RFK Stadium in Southeast.
“We are grateful that D.C. United’s future in our nation’s capital is secure,” said D.C. United Managing General Partner Jason Levien in a press release posted on the team's website. “This is a historic victory for the team and its fans, the city, the region and the sport of soccer in this country."
The council gave unanimous approval Wednesday to the stadium deal and to a measure that authorizes borrowing and spending the money.
The District had tried for years to land a soccer stadium deal, but it fell through because previous owners of the team were unable to finance their own stadium.
The stadium will be completed in late 2017 or 2018.