On Thursday night, legislators in Virginia’s state Senate Committee for Finance and Appropriations voted unanimously to move forward with a bill that would help finance a new Washington Commanders stadium in Northern Virginia. WUSA9 was first to report the news.

The legislation would allow up to $1 billion in government bonds to be sold to help pay for the stadium. It establishes The Virginia Football Stadium Authority as an advisory board to oversee its construction.

The bill was first introduced by state Senator Richard Saslaw, who represents the 35th District in northern Virginia.

Saslaw says the bill would allow for the bonds to be paid back through tax dollars generated by new development around the stadium, including entertainment, retail, and hotels. That newly generated revenue would, over a 30 year period, pay for the stadium. He also says that team owner Dan Snyder would need to invest an additional $2 billion to complete the project and build the stadium’s surrounding facilities.

“The bill does not create a penny of debt backed by the Commonwealth,” said Saslaw during the committee hearing. “Before any of those bonds can be issued, the treasurer of the state has to certify that the state is not on the hook for any of the stadium bonds.”

Although a specific location for the new stadium is yet to be determined, the advisory board will work with local officials, who have the final say. And while the bill does outline a potential for eminent domain, Saslaw said it will only be used in instances when underground utilities need to be constructed, or for the widening of roads.

According to Saslaw, the plan to build the stadium in Virginia has been modeled after teams like the San Francisco 49ers, who opened a new stadium outside the city in 2014.

“They’re no longer building stadiums that are just surrounded by huge parking lots,” continued Saslaw. “There will be hotels, retail. It’s almost a mini city.”

Saslaw says a similar move could bolster northern Virginia’s economy for years to come. But Virginia has competition from its neighbors in luring the team with a pricey new stadium. And Mayor Bowser says she wants the team back in the District at the site of the old RFK stadium, and is prepared to provide incentives for them to return.

https://twitter.com/MayorBowser/status/1488880684605313041

“I might add, we’re in competition with Maryland and with D.C,” said Saslaw. “Basically 35 percent of the total taxes that are generated will go to debt service. Sixty five percent will go to the state, which if they go to Maryland or D.C., we won’t have anything.”

Maryland Gov. Larry Hogan and Prince George’s Executive Angela Alsobrooks want to keep the team after their current lease at FexEx Field expires in 2027, and are prepared to invest in their current stadium and in development around it.

Earlier this month, Bowser called on the football team to make a return to the District after they unveiled a new name.

“Sports means so much to our civic pride and are an essential part of our economic engine, creating jobs & opportunities for our residents and revenue to fund essential services,” said Bowser in a statement last week. “The next chapter of the Washington Commanders should be a return to winning, right here in D.C.”

Potentially souring any of these deals is the NFL’s investigation into allegations of sexual misconduct against team owner Dan Snyder.

For now, the bill still has to pass Virginia’s legislature before the team can break ground.

The Washington Commanders did not immediately respond to a request for comment on its plans.