Southwest Virginia will benefit greatly from the unique deal Gov. Glenn Youngkin struck with Monumental Sports and Entertainment to bring the Washington Capitals and Wizards to Northern Virginia.
...
As the old saying goes, “a rising tide lifts all boats.” And the monumental tidal shift Gov. Youngkin started on the banks of the Potomac will undoubtedly make positive waves downstate.
...
Why should we care about revenue generated from a project far away from us? Because we all do better when Virginia’s economy is strong, and opportunities such as this to strengthen our entire economy in such a substantial way are rare. Put simply, the revenue generated upstate will flow downstate and provide critical resources for projects in our community.
...
Moreover, with additional money pouring into Alexandria for education — $31 million in the first phase of the project — the commonwealth will have the budget flexibility and additional revenue to allocate education funding elsewhere, like Southwest schools desperately in need of it.
As Dwayne Yancey noted here recently, “if we want more state funding for those schools (and we do), then at some point we have to hope for more state revenues.” In this case, we do not have to hope for more state revenues. That revenue — worth billions of dollars — is right there for our taking in this deal.
...
The project at Potomac Yard will also serve as a catalyst for another critical endeavor right next door: Virginia Tech’s Innovation Campus, set to open in 2025.
...
Virginia Tech is a vital part of our community. The vibrancy the new arena will bring to Tech’s innovation campus will only increase the excitement for students in Blacksburg to advance their education in Alexandria.
...
There is no upfront cost for Virginia taxpayers. None, whatsoever. The general fund will not be used to pay for the project, and all resources will come solely from site-specific revenue generated at the new district.
...
Additionally, it will create serious revenue that will flow downstate while invigorating a campus where our local students will learn.
The Washington Capitals and Wizards may be coming to Alexandria, but the benefits of this opportunity will flow throughout Virginia and stimulate our entire economy. That includes Southwest Virginia, and we should rally the support of our community behind this monumental opportunity for our great commonwealth.
