It's Official: Radio One Returns To D.C.
January 25, 2008 at 5:55 AM (PT)
WASHINGTON D.C. officials announced a deal YESTERDAY that would enable RADIO ONE to build a new headquarters in the city, bringing the nation's largest African-American radio broadcaster back to its home town a decade after it moved to MARYLAND, writes THE WASHINGTON POST.
Under the agreement with private developers signed yesterday by Mayor ADRIAN M. FENTY, the city will provide $22 million in grants and incentives for the project, to be built above the SHAW-HOWARD UNIVERSITY Metro stop at a total cost of $144 million.
The deal was closed with enough haste that RADIO ONE officials were not able to attend a ceremony marking the occasion. With the D.C. Council's approval of a $22 million funding package for the project two weeks ago, there was no reason to wait, city officials said.
"Bringing the company back with its enormous reputation ... was a huge priority for my administration," FENTY said, calling it a "catalytic project" that would bring the District almost $19 million in taxes over 20 years and $1 million a year in new spending.