ENROLLED ORIGINAL
A RESOLUTION
25-529
IN THE COUNCIL OF THE DISTRICT OF COLUMBIA
June 11, 2024
To declare the existence of an emergency with respect to the need to amend the Walter Reed
Development Omnibus Act of 2016 to provide that revenues received from the
Developer as Initial Consideration Payments under the Walter Reed Land and
Disposition Agreement shall, after October 1, 2023, be deposited into the Walter Reed
Reinvestment Fund and issued as a grant to the Developer to pay or reimburse certain
costs of job creation and economic development of or related to the Walter Reed
Redevelopment Site.
RESOLVED, BY THE COUNCIL DISTRICT OF COLUMBIA, That this resolution
may be cited as the “Walter Reed Development Assistance Emergency Declaration Resolution
of 2024”.
Sec. 2. (a) In 2016, the District acquired the former stie of the Walter Reed Army Medical
Center from the United States Army for a below-market price of $20 million (paid over 2 years),
pursuant to an Economic Development Conveyance Agreement (“EDC Agreement”).
(b) Simultaneously with the execution of the EDC Agreement, the District executed a Land
Disposition Agreement (“LDA”) with TPWR Developer LLC, a joint venture of Hines WR LLC,
UAD Walter Reed LLC (Urban Atlantic), and Triden Development Group, LLC, as master
developer (defined as the “Developer” in D.C. Official Code § 2-1227.01(6)).
(c) Pursuant to the LDA, the District transferred the Walter Reed site to the Developer for
$25 million in Initial Consideration Payments, to be paid in installments over 7 years, and other
financial and non-financial obligations.
(d) The original master development budget has experienced significant deviations driven
by a combination of historic cost escalations, depressed vertical component land values following
the Covid-19 pandemic and interest rate increases, and increased public infrastructure scope
requirements.
(e) To fully fund the revised master development budget and continue timely construction
of the remaining critical project infrastructure, the Developer is seeking financial assistance from
the District and additional private financing from other sources.
(f) Extensive improvements to road and water/sewer infrastructure are necessary to
construct Main Drive, NW, as an east-west route for pedestrians, bicyclists, and motorists, which
will provide convenient access to Georgia Avenue for residents of the Abrams Hall affordable
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veteran, senior, and senior assisted living apartments that have been constructed on the
development site, and for families traveling to the District of Columbia International School.
Completion of Main Drive, NW, will also mitigate the development’s traffic impacts on neighbors
in Brightwood and Shephard Park.
(g) In addition, critical north-south connections to and through the development stie remain
to be completed.
(h) Under the circumstances, the Council desires to direct the Initial Consideration
Payments to the Walter Reed Reinvestment Fund established under section 6 of the Walter Reed
Development Omnibus Act of 2016, effective May 18, 2016 (D.C. Law 21-119; D.C. Official Code
§ 2-1227.04), and to provide financial assistance to the Developer in the form of grants in the
amount of the remaining 2 installments of Initial Consideration Payments.
Sec. 3. The Council determines that the circumstances enumerated in section 2 constitute
emergency circumstances making it necessary that the Walter Reed Development Assistance
Emergency Amendment Act of 2024 be adopted after a single reading.
Sec. 4. This resolution shall take effect immediately.
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