Sphere National Harbor
Sphere National Harbor
What is Sphere?
Sphere is an experiential medium that is redefining the future of immersive experiences. Powered by advanced technologies that ignite the senses, Sphere is a venue where the foremost artists, creators, and technologists create extraordinary experiences that bring storytelling to a new level and transport audiences to places both real and imagined.
Sphere National Harbor would be an entertainment destination that offers an array of immersive experiences, including original Sphere Experiences, concerts and brand events. The proposed Sphere National Harbor would be a major year-round draw for residents and visitors, generating substantial economic and community benefits for Prince George’s County.
Sphere National Harbor would have 6,000 seats and deliver the fully immersive experiences that are the signature of the first Sphere venue in Las Vegas. It would feature an Exosphere – the exterior LED display of Sphere that showcases both artistic and branded content and reaches audiences globally. The venue would also feature a 16K x 16K interior display plane – the world’s highest-resolution LED screen. All of Sphere’s advanced technologies would be incorporated, including Sphere Immersive Sound, as well as haptic seating and 4D environmental effects.
For more information on Sphere, please visit:
www.thesphere.com
@SphereVegas
Instagram
Facebook
X
YouTube
LinkedIn
How will Prince George's County benefit from Sphere National Harbor?
Sphere National Harbor is estimated to provide $1.6 billion in economic benefits to Prince George’s County during the construction period alone, including 3,350 full- and part-time construction-related jobs.
Once operational, the total annual economic impact from Sphere National Harbor to Prince George’s County from operations and visitor spending at hotels, restaurants, stores and other local venues in the County is estimated at more than $1.3 billion per year – and another $200 million for other parts of Maryland. Sphere is estimated to directly and indirectly support approx. 7,100 full- and part-time positions in Prince George’s County alone.
Projected Economic Benefits of Sphere National Harbor
$1.6 billion
Economic benefits from construction
$1.3 billion+
Total annual economic impact once operational
$63 million
Annual taxes paid to Prince George’s County
Projected Benefits At-A-Glance
Source: Ernst & Young LLP
What is a TIF?
Tax Increment Financing
“A smart way to do public investment” -County Executive Aisha N. Braveboy
Tax Increment Financing or a TIF has been used in 48 states and the District of Columbia to leverage future community improvement projects and spur economic growth. When a development or redevelopment project is going to create additional tax revenues for a jurisdiction that jurisdiction can, in certain cases, issue bonds funded by private investors to pay for a portion of that project. The bonds are repaid through the future, new tax revenue that the project will generate. This form of support does not use any existing tax dollars and will not cost county taxpayers a dime in additional taxes. Most of the new revenue is not needed to repay the bonds and goes to the jurisdiction and when the bonds are repaid, all revenues are paid to the jurisdiction.
National Harbor originally was developed using TIF. It is a finance tool used by local governments across Maryland and across the country to attract private investment for development projects by leveraging future tax income. It is not a new tax or a tax increase. Other examples include Woodmore Town Center along with projects in Annapolis, Frostburg and elsewhere.
Prince George’s County competed against other locations in the region for the opportunity to have Sphere at National Harbor. In addition to having a prime location and knowing that the Sphere would result in significant new jobs, tax revenue and economic activity, we put together an attractive package of compelling, yet responsible, incentives. Foremost among these was the use of economic development bonds in the form of a TIF.