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DC United Lands $120M In Financing To Help Pay For Construction Of Audi Field

DC United has landed $120M to "pay for its share of Audi Field" via two "forms of financing," according to Karen Goff of the WASHINGTON BUSINESS JOURNAL. DC United has obtained a $95M loan from Goldman Sachs and another $25M in financing from Bethesda-based EagleBank. The latter is through DC's PACE (Property Assessed Clean Energy) program, which "offers financing in exchange for energy saving building improvements." The PACE loan is "repaid though special property tax assessments over a 20-year period and the amount financed does not count as company debt." The two sides in '15 agreed that the city would pay up to $150M to "acquire and prepare" the land at the Buzzard Point site while the team would "pay roughly the same for vertical construction." DC United, which is leasing the land from DC for $1 per year, "agreed to privately finance its piece." DC Department of Energy & Environment Associate Dir Kenley Farmer said that DC United "qualified for the PACE financing because of its environmentally friendly stadium features, including its aim for LEED Gold certification, LED lighting, stormwater conservation and solar panel installation" (BIZJOURNALS.com, 6/21).

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