CB-111-2026 AN ACT CONCERNING THE ISSUANCE OF SPECIAL OBLIGATION BONDS FOR THE NATIONAL HARBOR IMMERSIVE ENTERTAINMENT VENUE AND THE REFUNDING OF THE SERIES 2022 BONDS for the purpose of providing that special obligation bonds may be issued from time to time under the provisions of this Act and Sections 12-201 through 12-213, inclusive, of the Economic Development Article of the Annotated Code of Maryland, as amended (the "Tax Increment Financing Act"), Sections 18-301 through 18-310, inclusive, of the Land Use Article of the Annotated Code of Maryland, as amended through the 2026 Maryland General Assembly Regular Session (the "M-NCPPC Taxes Act"), CR-25-2004 of the County Council of Prince George's County, Maryland, as amended by CR-__-2026 (the "Formation Resolution") and CR-74-2026 (the , "Extraordinary Development District Resolution") in an amount not to exceed the aggregate principal amount of Two Hundred Fifteen Million Dollars ($215,000,000), in order for Prince George's County, Maryland (the "County") to refund, defease or purchase the outstanding aggregate principal amount of Prince George's County, Maryland Special Obligation Refunding Bonds (National Harbor Project) Series 2022 (the "2022 Bonds") (the portion of the bonds applied toward such refunding and/or defeasance and related costs, hereinafter called the "Refunding Bonds"), to finance or reimburse costs related to the acquisition, construction or rehabilitation of an Immersive Entertainment Venue (as defined in Section 12-201 of the Tax Increment Financing Act), as more particularly described herein (the portion of the bonds applied toward such costs hereinafter called the "Sphere New Money Bonds"), to fund reserves, if required, and to pay capitalized interest and certain costs of issuing such bonds; ratifying and confirming the designation of the National Harbor Development District and the Tax Increment Fund (as defined in the Formation Resolution); making certain findings and determinations, among others, concerning the public benefit and purpose of such bonds and providing that, prior to the issuance of such bonds, certain criteria set forth in CR-21-2019 (irrespective of any provision of CR-21-2019 to the contrary) and the provisions of CB-51-2022 shall apply; finding and determining that the immersive entertainment venue to be financed satisfies each of the requirements of Section 12-201 of the Tax Increment Financing Act; providing that such bonds authorized to be issued hereby shall be payable from certain amounts levied and deposited in the Tax Increment Fund, including certain County hotel occupancy taxes and other tax revenues, and from Park, Recreation and Administrative Taxes (as defined in the Extraordinary Development District Resolution) collected with respect to the Tax Increment in the National Harbor Extraordinary Development District (such portion, the "National Harbor PRA Taxes") and deposited in the Special PRA Fund (as defined in the Extraordinary Development District Resolution), and that such bonds shall not constitute a general obligation debt of the County or a pledge of the County's full faith and credit or taxing power other than the County's pledge of the taxes representing the levy on the Tax Increment, the Hotel Tax, the National Harbor Convention Center Excess Development District Taxes (each as defined in the Formation Resolution) and the National Harbor PRA Taxes; authorizing the County Executive of the County (the "County Executive") to specify, prescribe, determine, provide for and approve certain details, forms, documents or procedures in connection with such bonds issued hereunder and any other matters necessary or desirable in connection with the authorization, issuance, delivery and payment of such bonds; authorizing the County Executive to take certain actions, execute documents and make certain commitments on behalf of the County in connection with the issuance and delivery of such bonds consistent with the provisions of this Act; authorizing the execution and delivery of such bonds and such other documents as may be necessary and desirable to effectuate the refunding and/or defeasance of the 2022 Bonds and the financing of Improvements (as defined herein) and the issuance and delivery of such special obligation bonds; and generally providing for, and determining various matters in connection with, the issuance, delivery and payment of such special obligation bonds.

Meeting: Planning, Housing and Economic Development Committee on 2026-09-21 10:00 AM

Meeting Time: September 21, 2026 at 10:00am EDT

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Agenda Item

CB-111-2026 AN ACT CONCERNING THE ISSUANCE OF SPECIAL OBLIGATION BONDS FOR THE NATIONAL HARBOR IMMERSIVE ENTERTAINMENT VENUE AND THE REFUNDING OF THE SERIES 2022 BONDS for the purpose of providing that special obligation bonds may be issued from time to time under the provisions of this Act and Sections 12-201 through 12-213, inclusive, of the Economic Development Article of the Annotated Code of Maryland, as amended (the "Tax Increment Financing Act"), Sections 18-301 through 18-310, inclusive, of the Land Use Article of the Annotated Code of Maryland, as amended through the 2026 Maryland General Assembly Regular Session (the "M-NCPPC Taxes Act"), CR-25-2004 of the County Council of Prince George's County, Maryland, as amended by CR-__-2026 (the "Formation Resolution") and CR-74-2026 (the , "Extraordinary Development District Resolution") in an amount not to exceed the aggregate principal amount of Two Hundred Fifteen Million Dollars ($215,000,000), in order for Prince George's County, Maryland (the "County") to refund, defease or purchase the outstanding aggregate principal amount of Prince George's County, Maryland Special Obligation Refunding Bonds (National Harbor Project) Series 2022 (the "2022 Bonds") (the portion of the bonds applied toward such refunding and/or defeasance and related costs, hereinafter called the "Refunding Bonds"), to finance or reimburse costs related to the acquisition, construction or rehabilitation of an Immersive Entertainment Venue (as defined in Section 12-201 of the Tax Increment Financing Act), as more particularly described herein (the portion of the bonds applied toward such costs hereinafter called the "Sphere New Money Bonds"), to fund reserves, if required, and to pay capitalized interest and certain costs of issuing such bonds; ratifying and confirming the designation of the National Harbor Development District and the Tax Increment Fund (as defined in the Formation Resolution); making certain findings and determinations, among others, concerning the public benefit and purpose of such bonds and providing that, prior to the issuance of such bonds, certain criteria set forth in CR-21-2019 (irrespective of any provision of CR-21-2019 to the contrary) and the provisions of CB-51-2022 shall apply; finding and determining that the immersive entertainment venue to be financed satisfies each of the requirements of Section 12-201 of the Tax Increment Financing Act; providing that such bonds authorized to be issued hereby shall be payable from certain amounts levied and deposited in the Tax Increment Fund, including certain County hotel occupancy taxes and other tax revenues, and from Park, Recreation and Administrative Taxes (as defined in the Extraordinary Development District Resolution) collected with respect to the Tax Increment in the National Harbor Extraordinary Development District (such portion, the "National Harbor PRA Taxes") and deposited in the Special PRA Fund (as defined in the Extraordinary Development District Resolution), and that such bonds shall not constitute a general obligation debt of the County or a pledge of the County's full faith and credit or taxing power other than the County's pledge of the taxes representing the levy on the Tax Increment, the Hotel Tax, the National Harbor Convention Center Excess Development District Taxes (each as defined in the Formation Resolution) and the National Harbor PRA Taxes; authorizing the County Executive of the County (the "County Executive") to specify, prescribe, determine, provide for and approve certain details, forms, documents or procedures in connection with such bonds issued hereunder and any other matters necessary or desirable in connection with the authorization, issuance, delivery and payment of such bonds; authorizing the County Executive to take certain actions, execute documents and make certain commitments on behalf of the County in connection with the issuance and delivery of such bonds consistent with the provisions of this Act; authorizing the execution and delivery of such bonds and such other documents as may be necessary and desirable to effectuate the refunding and/or defeasance of the 2022 Bonds and the financing of Improvements (as defined herein) and the issuance and delivery of such special obligation bonds; and generally providing for, and determining various matters in connection with, the issuance, delivery and payment of such special obligation bonds.