Bill
PR 26-0677
Authorize up to $375 million in DC revenue bonds to finance, refinance, or reimburse the Wonder Plaza redevelopment at Howard University, via a loan to PRG Wonder Plaza Properties
Purpose
- Authorize the issuance, sale, and delivery of District of Columbia revenue bonds totaling up to $375 million (in one or more series) to finance, refinance, or reimburse costs for the Wonder Plaza redevelopment project at Howard University, via a loan to the project borrower, PRG Wonder Plaza Properties Inc. The project is undertaken under the District’s Home Rule Act, section 490.
Key Provisions and Changes
- Bond Authorization and Loan
- The Mayor is authorized to issue up to $375 million in DC revenue bonds and to make a loan of bond proceeds to the Borrower.
- Bonds may be issued in one or more series and sold on negotiated or competitive terms.
- The District may pay financing costs, including program fees, issuance costs, and costs related to monitoring compliance with public benefit agreements.
- Project Scope (Project Definition)
- Acquisition of long-term leasehold interests at 2301 Georgia Avenue, NW (approximately 1.59 acres) from Howard University.
- Renovation of an existing ~110,000 sq ft building into a ~400,000 sq ft mixed-use facility (Wonder Plaza Redevelopment) including:
- Student housing with about 591 beds
- An ~80,000 sq ft health, wellness, and recreation center for Howard University
- An ~8,500 sq ft dining hall
- ~10,000 sq ft street-level retail
- Related parking facilities
- Refinancing of existing indebtedness related to initial Wonder Plaza development and capital improvements to the Ralph J. Bunche International Affairs Center (1805 7th St NW).
- Purchase of equipment and furnishings for the redevelopment, along with working capital, interest, credit enhancement, liquidity, debt service reserves, and issuance costs.
- Use of Bond Proceeds
- New construction and project-related costs
- Issuance costs and legal fees
- Net capitalized interest
- Debt service reserve fund
- Working capital and other eligible costs
- Public Interest and Compliance
- The project is deemed to contribute to health, education, safety, welfare, job creation, and economic development within the District.
- The resolution affirms compliance with Section 147(f) of the Internal Revenue Code and Section 490(k) of the Home Rule Act, following a public hearing.
- Bond issuance is explicit as a District obligation limited to specified sources; the District does not pledge its full faith and credit.
- Governance and Process
- Definitions establish roles (Authorized Delegates: Mayor or Deputy Mayor for Planning and Economic Development, Bond Counsel, Trustee, etc.).
- Financing and Closing Documents: Mayor may determine final forms; documents require appropriate approvals and signatures.
- Expiration: If bonds are not issued within 3 years, authorization expires.
- Information reporting: Transcript of proceedings to be transmitted to the Council.
- Fiscal impact: The bill references an existing fiscal impact statement from the committee report.
- Bond protection: Bonds are special obligations of the District with no general obligation or taxing power pledge; limited liability provisions protect the District and officials.
Affected Parties
- Borrower: PRG Wonder Plaza Properties Inc., a DC nonprofit 501(c)(3) organization.
- Howard University: Site owner/land contributor and project partner.
- District of Columbia: Provides financing and oversight; derives benefits from project development and job creation.
Timeline
- Introduction date: April 24, 2026.
- Action history shows referral to Committee of the Whole on May 5, 2026, with introduction earlier that day.
- Expiration window for bond issuance: 3 years from adoption if not issued.
Notes
- The accompanying Fact Sheet confirms the project scope, estimated bond amount, and a feasibility assessment by JPMorgan, with bond counsel Orrick, Herrington & Sutcliffe.
- The proposed bonds are tax-exempt, subject to IRS requirements and approval opinions.
Compiled from official sources — confirm details with the bill’s official record.
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