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District of ColumbiaPR26-0253Council Period 26 (2025-2026)HouseWALLET

USBC Economic Development Corporation Revenue Bonds Project Emergency Approval Resolution of 2025

Sponsored By: Sponsor information unavailable

Adopted

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Bill Overview

Analyzed Economic Effects

2 provisions identified: 1 benefits, 1 costs, 0 mixed.

New bond financing for nonprofit headquarters

Beginning July 1, 2025, the District can issue bonds and lend the proceeds to USBC Economic Development Corporation, a tax-exempt nonprofit. Total bond principal outstanding cannot exceed $37.5 million, including replacement bonds used to refinance earlier bonds. The loan can finance, refinance, or repay project costs already paid. These include buying 1301 W Street NE and acquiring leases at 1900 W Place NE, 1235 W Street NE, and Parcel C, a 1.73-acre parking lot. The money can partly renovate these headquarters properties, buy equipment and furnishings, and cover reserves, financing support, and issuance costs. The Mayor sets financing terms and can sell the bonds in one or more series. Bond payments come only from pledged sources, including loan payments—not general District funds or its taxing power. The District does not guarantee project success or cover payment shortfalls; monetary claims generally require willful and fraudulent conduct. Bonds must be issued, sold, and delivered to the original purchaser by July 1, 2028, or the unused authorization expires.

Possible bond fees for nonprofit borrower

Beginning July 1, 2025, the Mayor can charge USBC Economic Development Corporation a fee for its bond transaction. The fee can cover District costs for issuing bonds, tracking spending, checking public-benefit agreements, and keeping records. It can also cover help with repaying, buying back, or reselling bonds. The fee is optional, and the law sets no amount.

Sponsors & Cosponsors

Sponsors

There is no primary sponsor on record.

Cosponsors

  • Phil Mendelson

    Democratic • House

Roll Call Votes

All Roll Calls

Yes: 12 • No: 0

House vote • 7/1/2025

Final Reading

Yes: 12 • No: 0

Actions Timeline

  1. Resolution R26-0162, Effective from Jul 01, 2025 Published in DC Register Vol 72 and Page 007724

    7/11/2025House

  2. Approved with Resolution Number R26-0162

    7/1/2025House

  3. Legislative Meeting

    7/1/2025House

  4. Retained by the Council with comments from the Committee on Business and Economic Development

    7/1/2025House

  5. PR26-0253 Introduced by Chairman Mendelson at Office of the Secretary

    6/26/2025House

Bill Text

  • Enrollment

    7/1/2025

    PDF

  • Introduced

    6/26/2025

    PDF

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