INTERNATIONAL SPY MUSEUM PROJECT
The International Spy Museum is the third project approved by the District to receive tax increment financing. The House on F Street, LLC, is developing the project on the 800 block of F Street NW.
The International Spy Museum was the first tax increment finance deal to close due in part to its unique structure. The District issued $6.9 million in TIF notes to help fund the project. The estimated total cost of the International Spy Museum is $20 million. The debt service on the notes is payable from portions of the incremental sales taxes and real property taxes generated by the TIF project.
The International Spy Museum is a key component of a larger development on the site. This 58,000 square foot urban entertainment center includes a restaurant and café, adventure retail, special exhibits and event space. The museum opened July 19, 2002.
The Malrite Company, a development entity dedicated to building and operating cultural facilities and entertainment projects in major US cities, will operate the museum. It is projected to boost local economic development through approximately 150 new jobs, $2 million in new annual tax revenue and increased tourism for the region.
For more information on the International Spy Museum, consult their website*.
*This link is provided by the CFO office as a courtesy. The District government is not responsible for information on websites outside the DC portal. Inquiries should be made to the sponsoring organization.
