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

This resolution authorizes the District of Columbia to issue up to $37.5 million in tax-exempt revenue bonds for the USBC Economic Development Corporation (a nonprofit) to finance the acquisition and renovation of properties at 1900 W Place, NE, and adjacent sites (including 1301 W Street, NE, and a parking lot) in Ward 5, Washington, D.C. The bonds, backed solely by the project's revenue - not the District's general funds or taxes - will be used to cover development costs, with the District having no financial liability if the project underperforms. The resolution explicitly states the bonds are "without recourse to the District," meaning the city won't be responsible for repayment or use its taxing power. The USBC Economic Development Corporation, as the borrower, will directly benefit from the loan of bond proceeds to transform these properties into a headquarters facility.