The legislation would have the district purchase the arena for $87.5 million then lease it back to the owners of the Washington Capitals and Wizards.

The D.C. Council on Tuesday tentatively approved a bill that would enable the District to acquire Capital One Arena from Monumental Sports & Entertainment, launch a massive renovation and lock-in the Washington Wizards and Capitals as long-term tenants.

The council passed legislation to create a stream of revenue for upgrades and fixes at Nationals Park, and advanced a package of $515 million for a Capital One Arena renovation.

On Tuesday, the D.C. Council voted to advance legislation to purchase and renovate Capital One Arena. Ryan Kobayashi, who flew to Los Angeles looking for his daughter, Hannah, after she was reported missing,

D.C. City Council is set to take its first vote on the $515 million proposal to purchase and renovate Capital One Arena Tuesday. Under the proposed plan, the District would buy the stadium for $87.5 million and then lease it back to Monumental Sports and Entertainment through 2050 with the option of five four-year renewals after that.