PRG Wonder Plaza Properties Inc. Revenue Bonds Project Approval Resolution of 2026

MURIELBOWSERMAYOR
April24,2026
The Honorable PhilMendelson
Chairman
Councilof theDistrictof Columbia
John A. Wilson Building
1350 PennsylvaniaAvenue, NW, Suite504
Washington,DC 20004
Dear Chairman Mendelson:
Enclosedforconsiderationand adoptionby theCouncilofthe DistrictofColumbia isa proposed
resolutiontitled“PRG Wonder PlazaPropertiesInc.Revenue Bonds ProjectApproval
Resolutionof 2026”.
Theresolutionauthorizestheissuance,sale,anddeliveryoftax-exemptrevenuebonds,notes,orotherobligationsinanaggregateprincipalamountnottoexceed$375,000,000.TheprojectentailstheacquisitionfromHowardUniversityoflong-termleaseholdinterestsinasitelocatedat2301GeorgiaAvenue,N.W.,Washington,D.C.,comprisingapproximately1.59acresofland.Theprojectalsoincludestherenovationofan existingapproximately110,000-square-footbuildingonthesiteintoanapproximately400,000-square-footmixed-usefacilityknownastheWonderPlazaRedevelopment.Thisredevelopmentwillincludeabout591studenthousingbeds,anapproximately80,000-square-foothealth,wellness,andrecreationcenterforusebytheuniversity,anapproximately8,500-square-footdininghall,roughly10,000squarefeetofstreet-levelretailspace,andrelatedparkingfacilities.
Inaddition,thefinancingwillbeusedtorefinancecertainexistingindebtedness,theproceedsofwhichsupportedinitialdevelopmentcostsfortheWonderPlazaRedevelopmentaswellascapitalimprovementstotheRalphJ.BuncheInternationalAffairsCenterlocatedat18057thStreetNW.Theprojectfurtherincludesthepurchaseofequipmentandfurnishingsfortheredevelopment,alongwithotherfunctionallyrelatedrealandpersonalproperty.Bondproceedswillalsofundcertaineligibleworkingcapitalcosts,interestonthebonds,andanyassociatedcreditenhancement,liquidity,ordebtservicereservefundrequirements.Finally,thefinancingwillcoverallallowablecostsassociatedwithissuingthebonds.
Inaccordancewithsection490oftheHomeRuleAct,ithasbeendeterminedthatthebonds,when,as,andifissued,shallbewithoutrecoursetotheDistrict.ThebondsshallnotbegeneralobligationsoftheDistrict;shallnotbeapledgeoforinvolvethefullfaithandcreditorthetaxingpoweroftheDistrict;shallnotconstituteadebtoftheDistrict;andshallnotconstitutealendingofpubliccreditforaprivateundertakingasprohibitedinsection602(a)(2)oftheHome
RuleAct.ThebondsshallnotgiverisetoanypecuniaryliabilityoftheDistrict,andtheDistrictshallhavenoobligationwithrespecttothepurchaseofthebonds.
TurgetheCounciltotakepromptandfavorableactionontheenclosedmeasure.
Sincerely,
Entlosure
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7 A PROPOSED RESOLUTION
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Chairman Phil Mendelson
at the request of the Mayor
11 IN THE COUNCIL OF THE DISTRICT OF COLUMBIA
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15 To authorize and provide for the issuance, sale, and delivery in an aggregate principal amount not to
16 exceed $375 million of District of Columbia revenue bonds in one or more series pursuant
1 7 to a plan of finance and to authorize and provide for the loan of the proceeds of such bonds
18 to assist PRO Wonder Plaza Properties Inc. in the financing, refinancing, or reimbursing
19 of costs associated with an authorized project pursuant to section 490 of the District of
20 Columbia Home Rule Act.
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22 RESOLVED, BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this
23 resolution may be cited as the "PRO Wonder Plaza Properties Inc. Revenue Bonds Project
24 Approval Resolution of 2026".
25 Sec. 2. Definitions.
26 For the purposes of this resolution, the term:
27 (1) "Authorized Delegate" means the Mayor or the Deputy Mayor for Planning and
28 Economic Development, or any officer or employee of the Executive Office of the Mayor to whom
29 the Mayor has delegated or to whom the foregoing individuals have subdelegated any of the
30 Mayor's functions under this resolution pursuant to section 422(6) of the Home Rule Act.
31 (2) "Bond Counsel" means a finn or finns of attorneys designated as bond counsel
3 2 from time to time by the Mayor.
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(3) “Bonds” means the District of Columbia revenue bonds, notes, or other 33
obligations (including refunding bonds, notes, and other obligations), in one or more series, 34
authorized to be issued pursuant to this resolution. 35
(4) “Borrower” means the owner of the assets financed, refinanced, or reimbursed 36
with proceeds from the Bonds, which shall be PRG Wonder Plaza Properties Inc., a corporation 37
organized and existing under the laws of the District of Columbia, qualified to do business in the 38
District of Columbia, and exempt from federal income taxes under 26 U.S.C § 501(a) as an 39
organization described in 26 U.S.C. § 501(c)(3). 40
(5) “Closing Documents” means all documents and agreements other than Financing 41
Documents that may be necessary and appropriate to issue, sell, and deliver the Bonds and to make 42
the Loan, and includes agreements, certificates, letters, opinions, forms, receipts, and other similar 43
instruments. 44
(6) “District” means the District of Columbia. 45
(7) “Financing Documents” means the documents other than Closing Documents 46
that relate to the financing, refinancing or reimbursement of transactions to be effected through the 47
issuance, sale, and delivery of the Bonds and the making of the Loan, including any offering 48
document, and any required supplements to any such documents. 49
(8) “Home Rule Act” means the District of Columbia Home Rule Act, approved 50
December 24, 1973 (87 Stat. 774; D.C. Official Code § 1-201.01 et seq.). 51
(9) “Issuance Costs” means all fees, costs, charges, and expenses paid or incurred in 52
connection with the authorization, preparation, printing, issuance, sale, and delivery of the Bonds 53
and the making of the Loan, including, but not limited to, underwriting, legal, accounting, rating 54
agency, and all other fees, costs, charges, and expenses incurred in connection with the development 55
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and implementation of the Financing Documents, the Closing Documents, and those other 56
documents necessary or appropriate in connection with the authorization, preparation, printing, 57
issuance, sale, marketing, and delivery of the Bonds and the making of the Loan, together with 58
financing fees, costs, and expenses, including program fees and administrative fees charged by the 59
District, fees paid to financial institutions and insurance companies, initial letter of credit fees (if 60
any), compensation to financial advisors and other persons (other than full-time employees of the 61
District) and entities performing services on behalf of or as agents for the District. 62
(10) “Loan” means the District’s lending of proceeds from the sale, in one or more 63
series, of the Bonds to the Borrower. 64
(11) “Main Campus” means t he Main Campus, which has an official mailing 65
address of 2400 6th Street, N.W., Washington, D.C. 20059. The boundaries for the Main Campus 66
are as follows: beginning at Georgia Avenue and Gresham Place, the boundary line runs east to 67
the western edge of 511 Gresham Place, north to Hobart Place, and continues east to 5 th Street. 68
Here it turns south continuing along 5 th Street, past 4 th Street and Howard Place to the northern 69
edge of a quadrangle of dormitories located on 4th Street and runs behind the dorms until it reaches 70
Bryant Street. The boundary line continues west to 4th Street then runs south to W Street and then 71
west to the church at 5 th and W Streets. It continues south along the church property to the alley 72
paralleling V Street. From this point it runs east to 4th Street. After running south on 4th Street, to 73
Oakdale Street, it runs west to vacant lots that face 4th Street and then south along the rear of those 74
properties to the middle of the block. At mid-block, it turns west to 5th Street and then south past 75
Elm Street to the alley beyond the Howard University Hospital site. It turns west for approximately 76
160 feet and then south to U Street. Here it turns west down U Street to Bohrer Street. At this 77
intersection, it continues northwest to Georgia Avenue. The boundary line continues north on 78
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Georgia Avenue to V Street. Here it turns west and runs to 8 th Street. It continues north on 8 th 79
Street for approximately 520 feet, and then westward across 9 th Street to Florida Avenue. The 80
boundary follows Florida Avenue, N.W. to Sherman Avenue and Barry Place. Here it turns east 81
again and runs out Barry Place to Georgia Avenue. The boundary line then runs north to Gresham 82
Place. Included in the boundaries are several satellite properties: The John Burr Gymnasium at 83
6th and Girard Streets, N.W.; the School of Business at 2600 6th Street, N.W.; the Alain Locke 84
Hall at 2441 6th Street, N.W.; the Power Plant at 2240 6th Street, N.W.; and the Howard University 85
Hospital at 2041 Georgia Avenue, N.W. 86
(12) “Project” means the financing, refinancing or reimbursing of the Borrower for 87
all or a portion of the Borrower's costs incurred in connection with: 88
(A) The acquisition from Howard University of long-term leasehold 89
interests in the site located at 2301 Georgia Avenue, N.W., Washington, D.C., comprising 90
approximately 1.59 acre of land (the “Site”), and the use of the acquisition price by Howard 91
University to finance a portion of its capital plan with respect to the facilities on its Main 92
Campus; 93
(B) The renovation of the existing approximately 110,000 square feet 94
building located on the Site into an approximate 400,000 square feet mixed-use facility 95
consisting of: 96
(i) A student housing complex consisting of a mix of units with 97
approximately 591 beds, 98
(ii) An approximate 80,000 square foot health, wellness and 99
recreation center to be utilized by Howard University, 100
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(iii) An approximate 8,500 square foot dining hall facility, (iv) 101
approximately 10,000 square feet of streel level retail, and 102
(iv) Related parking facilities (collectively, the “Wonder Plaza 103
Redevelopment”); 104
(C) Refinancing certain existing indebtedness, the proceeds of which were 105
used to finance certain initial development costs relating to the Wonder Plaza Redevelopment 106
and certain capital improvements to the Ralph J. Bunche International Affairs Center, located at 107
1805 7th St NW, Washington, D.C. 20001; 108
(D) The purchase of certain equipment and furnishings for the Wonder 109
Plaza Redevelopment, all to be located at the Site, together with other property, real and 110
personal, functionally related and subordinate thereto; 111
(E) Funding certain working capital costs, to the extent financeable 112
relating to the Bonds; 113
(F) Funding interest on the Bonds and any credit enhancement costs, 114
liquidity costs or debt service reserve fund relating to the Bonds; and 115
(G) Paying allowable Issuance Costs. 116
Sec. 3. Findings. 117
The Council finds that: 118
(1) Section 490 of the Home Rule Act provides that the Council may by resolution authorize 119
the issuance of District revenue bonds, notes, or other obligations (including refunding bonds, notes, 120
or other obligations) to borrow money to finance, refinance, or reimburse costs, and to assist in the 121
financing, refinancing, or reimbursing of, the costs of undertakings in certain areas designated in 122
section 490 and may effect the financing, refinancing, or reimbursement by loans made directly or 123
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indirectly to any individual or legal entity, by the purchase of any mortgage, note, or other security, 124
or by the purchase, lease, or sale of any property. 125
(2) The Borrower has requested the District to issue, sell, and deliver revenue bonds, in one 126
or more series, in an aggregate principal amount not to exceed $375 million, and to make the Loan 127
for the purpose of financing, refinancing, or reimbursing costs of the Project. 128
(3) The Project is located in the District and will contribute to the health, education, safety, 129
or welfare of, or the creation or preservation of jobs for, residents of the District, or to economic 130
development of the District. 131
(4) The Project is an undertaking in the area of a facility used in connection with 132
educational purposes as set forth within the meaning of section 490 of the Home Rule Act . 133
(5) The authorization, issuance, sale, and delivery of the Bonds and the Loan to the 134
Borrower are desirable, are in the public interest, will promote the purpose and intent of section 490 135
of the Home Rule Act, and will assist the Project. 136
Sec. 4. Bond authorization. 137
(a) The Mayor is authorized pursuant to the Home Rule Act and this resolution to assist in 138
financing, refinancing, or reimbursing the costs of the Project by: 139
(1) The issuance, sale, and delivery of the Bonds, in one or more series, in an 140
aggregate principal amount not to exceed $375 million; and 141
(2) The making of the Loan. 142
(b) The Mayor is authorized to make the Loan to the Borrower for the purpose of financing, 143
refinancing, or reimbursing the costs of the Project and establishing any fund with respect to the 144
Bonds as required by the Financing Documents. 145
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(c) The Mayor may charge a program fee to the Borrower, including, but not limited to, an 146
amount sufficient to cover costs and expenses incurred by the District in connection with the 147
issuance, sale, and delivery of each series of the Bonds, the District’s participation in the monitoring 148
of the use of the Bond proceeds and compliance with any public benefit agreements with the 149
District, and maintaining official records of each bond transaction and assisting in the redemption, 150
repurchase, and remarketing of the Bonds. 151
(d) The Bond authorization set forth in this resolution includes the authorization to issue 152
refunding Bonds to refinance any Bonds previously issued under this resolution to finance the 153
Project; provided that the maximum principal amount of Bonds outstanding at any time does not 154
exceed the maximum principal amount of Bonds authorized hereunder. 155
Sec. 5. Bond details. 156
(a) The Mayor and each Authorized Delegate is authorized to take any action reasonably 157
necessary or appropriate in accordance with this resolution in connection with the preparation, 158
execution, issuance, sale, delivery, security for, and payment of the Bonds of each series, including, 159
but not limited to, determinations of: 160
(1) The final form, content, designation, and terms of the Bonds, including a 161
determination that the Bonds may be issued in certificated or book-entry form; 162
(2) The principal amount of the Bonds to be issued and denominations of the Bonds; 163
(3) The rate or rates of interest or the method for determining the rate or rates of 164
interest on the Bonds; 165
(4) The date or dates of issuance, sale, and delivery of, and the payment of interest 166
on the Bonds, and the maturity date or dates of the Bonds; 167
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(5) The terms under which the Bonds may be paid, optionally or mandatorily 168
redeemed, accelerated, tendered, called, or put for redemption, repurchase, or remarketing before 169
their respective stated maturities; 170
(6) Provisions for the registration, transfer, and exchange of the Bonds and the 171
replacement of mutilated, lost, stolen, or destroyed Bonds; 172
(7) The creation of any reserve fund, sinking fund, or other fund with respect to the 173
Bonds; 174
(8) The time and place of payment of the Bonds; 175
(9) Procedures for monitoring the use of the proceeds received from the sale of the 176
Bonds to ensure that the proceeds are properly applied to the Project and used to accomplish the 177
purposes of the Home Rule Act and this resolution; 178
(10) Actions necessary to qualify the Bonds under blue sky laws of any jurisdiction 179
where the Bonds are marketed; and 180
(11) The terms and types of credit enhancement, if any, under which the Bonds may 181
be secured. 182
(b) The Bonds shall contain a legend, which shall provide that the Bonds are special 183
obligations of the District, are without recourse to the District, are not a pledge of, and do not 184
involve the faith and credit or the taxing power of the District, do not constitute a debt of the 185
District, and do not constitute lending of the public credit for private undertakings as prohibited in 186
section 602(a)(2) of the Home Rule Act. 187
(c) The Bonds shall be executed in the name of the District and on its behalf by the manual 188
or facsimile signature of the Mayor, and attested by the Secretary of State of the District of 189
Columbia by the Secretary of State of the District of Columbia’s manual or facsimile signature. The 190
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Mayor’s execution and delivery of the Bonds shall constitute conclusive evidence of the Mayor’s 191
approval, on behalf of the District, of the final form and content of the Bonds. 192
(d) The official seal of the District, or a facsimile of it, shall be impressed, printed, or 193
otherwise reproduced on the Bonds. 194
(e) The Bonds of any series may be issued in accordance with the terms of a trust instrument 195
to be entered into by the District and a trustee to be selected by the Borrower subject to the approval 196
of the Mayor, and may be subject to the terms of one or more agreements entered into by the Mayor 197
pursuant to section 490(a)(4) of the Home Rule Act. 198
(f) The Bonds may be issued at any time or from time to time in one or more issues and in 199
one or more series. 200
Sec. 6. Sale of the Bonds. 201
(a) The Bonds of any series may be sold at negotiated or competitive sale at, above, or 202
below par, to one or more persons or entities, and upon terms that the Mayor considers to be in the 203
best interest of the District. 204
(b) The Mayor or an Authorized Delegate may execute, in connection with each sale of the 205
Bonds, offering documents on behalf of the District, may deem final any such offering document on 206
behalf of the District for purposes of compliance with federal laws and regulations governing such 207
matters and may authorize the distribution of the documents in connection with the sale of the 208
Bonds. 209
(c) The Mayor is authorized to deliver the executed and sealed Bonds, on behalf of the 210
District, for authentication, and, after the Bonds have been authenticated, to deliver the Bonds to the 211
original purchasers of the Bonds upon payment of the purchase price. 212
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(d) The Bonds shall not be issued until the Mayor receives an approving opinion from Bond 213
Counsel as to the validity of the Bonds of such series and, if the interest on the Bonds is expected to 214
be exempt from federal income taxation, the treatment of the interest on the Bonds for purposes of 215
federal income taxation. 216
Sec. 7. Payment and security. 217
(a) The principal of, premium, if any, and interest on, the Bonds shall be payable solely from 218
proceeds received from the sale of the Bonds, income realized from the temporary investment of 219
those proceeds, receipts and revenues realized by the District from the Loan, income realized from 220
the temporary investment of those receipts and revenues prior to payment to the Bond owners, other 221
moneys that, as provided in the Financing Documents, may be made available to the District for the 222
payment of the Bonds, and other sources of payment (other than from the District), all as provided 223
for in the Financing Documents. 224
(b) Payment of the Bonds shall be secured as provided in the Financing Documents and by 225
an assignment by the District for the benefit of the Bond owners of certain of its rights under the 226
Financing Documents and Closing Documents, including a security interest in certain collateral, if 227
any, to the trustee for the Bonds pursuant to the Financing Documents. 228
(c) The trustee is authorized to deposit, invest, and disburse the proceeds received from the 229
sale of the Bonds pursuant to the Financing Documents. 230
Sec. 8. Financing and Closing Documents. 231
(a) The Mayor is authorized to prescribe the final form and content of all Financing 232
Documents and all Closing Documents to which the District is a party that may be necessary or 233
appropriate to issue, sell, and deliver the Bonds and to make the Loan to the Borrower. Each of 234
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the Financing Documents and each of the Closing Documents to which the District is not a party 235
shall be approved, as to form and content, by the Mayor. 236
(b) The Mayor is authorized to execute, in the name of the District and on its behalf, the 237
Financing Documents and any Closing Documents to which the District is a party by the Mayor’s 238
manual or facsimile signature. 239
(c) If required, the official seal of the District, or a facsimile of it, shall be impressed, 240
printed, or otherwise reproduced on the Financing Documents and the Closing Documents to which 241
the District is a party. 242
(d) The Mayor’s execution and delivery of the Financing Documents and the Closing 243
Documents to which the District is a party shall constitute conclusive evidence of the Mayor’s 244
approval, on behalf of the District, of the final form and content of the executed Financing 245
Documents and the executed Closing Documents. 246
(e) The Mayor is authorized to deliver the executed and sealed Financing Documents and 247
Closing Documents, on behalf of the District, prior to or simultaneously with the issuance, sale, and 248
delivery of the Bonds, and to ensure the due performance of the obligations of the District contained 249
in the executed, sealed, and delivered Financing Documents and Closing Documents. 250
Sec. 9. Authorized delegation of authority. 251
To the extent permitted by District and federal laws, the Mayor may delegate to any 252
Authorized Delegate the performance of any function authorized to be performed by the Mayor 253
under this resolution. 254
Sec. 10. Limited liability. 255
(a) The Bonds shall be special obligations of the District. The Bonds shall be without 256
recourse to the District. The Bonds shall not be general obligations of the District, shall not be a 257
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pledge of, or involve the faith and credit or the taxing power of, the District, shall not constitute a 258
debt of the District, and shall not constitute lending of the public credit for private undertakings as 259
prohibited in section 602(a)(2) of the Home Rule Act. 260
(b) The Bonds shall not give rise to any pecuniary liability of the District and the District 261
shall have no obligation with respect to the purchase of the Bonds. 262
(c) Nothing contained in the Bonds, in the Financing Documents, or in the Closing 263
Documents shall create an obligation on the part of the District to make payments with respect to 264
the Bonds from sources other than those listed for that purpose in section 7. 265
(d) The District shall have no liability for the payment of any Issuance Costs or for any 266
transaction or event to be effected by the Financing Documents. 267
(e) All covenants, obligations, and agreements of the District contained in this resolution, 268
the Bonds, and the executed, sealed, and delivered Financing Documents and Closing Documents to 269
which the District is a party, shall be considered to be the covenants, obligations, and agreements of 270
the District to the fullest extent authorized by law, and each of those covenants, obligations, and 271
agreements shall be binding upon the District, subject to the limitations set forth in this resolution. 272
(f) No person, including, but not limited to, the Borrower and any Bond owner, shall have 273
any claims against the District or any of its elected or appointed officials, officers, employees, or 274
agents for monetary damages suffered as a result of the failure of the District or any of its elected or 275
appointed officials, officers, employees or agents to perform any covenant, undertaking, or 276
obligation under this resolution, the Bonds, the Financing Documents, or the Closing Documents, as 277
a result of the incorrectness of any representation in or omission from the Financing Documents or 278
the Closing Documents, unless the District or its elected or appointed officials, officers, employees, 279
or agents have acted in a willful and fraudulent manner. 280
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Sec. 11. District officials. 281
(a) Except as otherwise provided in section 10(f), the elected or appointed officials, officers, 282
employees, or agents of the District shall not be liable personally for the payment of the Bonds or be 283
subject to any personal liability by reason of the issuance, sale or delivery of the Bonds, or for any 284
representations, warranties, covenants, obligations, or agreements of the District contained in this 285
resolution, the Bonds, the Financing Documents, or the Closing Documents. 286
(b) The signature, countersignature, facsimile signature, or facsimile countersignature of 287
any official appearing on the Bonds, the Financing Documents, or the Closing Documents shall 288
be valid and sufficient for all purposes notwithstanding the fact that the individual signatory 289
ceases to hold that office before delivery of the Bonds, the Financing Documents, or the Closing 290
Documents. 291
Sec.12. Maintenance of documents. 292
Copies of the specimen Bonds and of the final Financing Documents and Closing 293
Documents shall be filed in the Office of the Secretary of State of the District of Columbia. 294
Sec.13. Information reporting. 295
Within 3 days after the Mayor’s receipt of the transcript of proceedings relating to the 296
issuance of the Bonds, the Mayor shall transmit a copy of the transcript to the Secretary to the 297
Council. 298
Sec. 14. Disclaimer. 299
(a) The issuance of Bonds is in the discretion of the District. Nothing contained in this 300
resolution, the Bonds, the Financing Documents, or the Closing Documents shall be construed as 301
obligating the District to issue any Bonds for the benefit of the Borrower or to participate in or assist 302
the Borrower in any way with financing, refinancing, or reimbursing the costs of the Project. The 303
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Borrower shall have no claims for damages or for any other legal or equitable relief against the 304
District, its elected or appointed officials, officers, employees, or agents as a consequence of any 305
failure to issue any Bonds for the benefit of the Borrower. 306
(b) The District reserves the right to issue the Bonds in the order or priority it determines in 307
its sole and absolute discretion. The District gives no assurance and makes no representations that 308
any portion of any limited amount of bonds or other obligations, the interest on which is excludable 309
from gross income for federal income tax purposes, will be reserved or will be available at the time 310
of the proposed issuance of the Bonds. 311
(c) The District, by adopting this resolution or by taking any other action in connection with 312
financing, refinancing, or reimbursing costs of the Project, does not provide any assurance that the 313
Project is viable or sound, that the Borrower is financially sound, or that amounts owing on the 314
Bonds or pursuant to the Loan will be paid. Neither the Borrower, any purchaser of the Bonds, nor 315
any other person shall rely upon the District with respect to these matters. 316
Sec. 15. Expiration. 317
If any Bonds are not issued, sold, and delivered to the original purchaser within 3 years of 318
the date of this resolution, the authorization provided in this resolution with respect to the issuance, 319
sale, and delivery of the Bonds shall expire. 320
Sec. 16. Severability. 321
If any particular provision of this resolution, or the application thereof to any person or 322
circumstance is held invalid, the remainder of this resolution and the application of such provision 323
to other persons or circumstances shall not be affected thereby. If any action or inaction 324
contemplated under this resolution is determined to be contrary to the requirements of applicable 325
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law, such action or inaction shall not be necessary for the purpose of issuing of the Bonds, and the 326
validity of the Bonds shall not be adversely affected. 327
Sec. 17. Compliance with public approval requirement. 328
This approval shall constitute the approval of the Council as required in section 147(f) of the 329
Internal Revenue Code of 1986, as amended (the “Code”), and section 490(k) of the Home Rule 330
Act, for the Project to be financed, refinanced, or reimbursed with the proceeds of the Bonds. 331
This resolution approving the issuance of the Bonds for the Project has been adopted by the 332
Council after a public hearing held in accordance with section 147(f) of the Code, as such section 333
may be amended, and the corresponding regulations promulgated by the United States 334
Department of the Treasury. 335
Sec. 18. Transmittal. 336
The Council shall transmit a copy of this resolution, upon its adoption, to the Mayor. 337
Sec. 19. Fiscal impact statement. 338
The Council adopts the fiscal impact statement of the committee report as the fiscal 339
impact statement required by section 4a of the General Legislative Procedures Act of 1975, 340
approved October 16, 2006 (120 Stat. 2038; D.C. Official Code § 1-301.47a). 341
Sec. 20. Effective date. 342
This resolution shall take effect immediately. 343
Provident Resources Group Wonder Plaza Properties
Revenue Bond

FACT SHEET

Provident Resources Group Wonder Plaza Properties has requested that the District issue up to
$375,000,000 of tax-exempt revenue bonds for the development of properties located at 2301
Georgia Avenue, NW and at 1805 7th Street, NW.

The Applicant

Provident Resources Group (“Provident”) is a U.S.-based nonprofit organization founded in
1999 and headquartered in Baton Rouge, Louisiana. It focuses on developing and managing
large-scale infrastructure projects that serve public needs, particularly in the areas of education,
healthcare, housing, and senior living. The organization partners with universities, hospitals, and
government entities to finance, build, own, and operate facilities such as student housing,
medical centers, and residential communities.

In addition to financing and development, Provident plays an active role in managing assets over
time, ensuring operational stability and long-term viability. Its projects are often designed to
align with the strategic goals of its partners, such as increasing student housing capacity,
improving access to healthcare services, or expanding community-based living options for
underserved populations. Over the years, the organization has facilitated billions of dollars in
project financing and helped develop tens of thousands of student housing beds on college
campuses nationwide, along with numerous healthcare and residential facilities.

Provident Resources Group Wonder Plaza Properties is the single purpose non-profit entity that
was created for this Wonder Plaza project.

Proposed Project

The Wonder Plaza project will be a mixed‑use redevelopment of a 1.59‑acre site located at 2301
Georgia Avenue, NW that adaptively reuses a historic industrial building to create a new hub for
student life at Howard University. The project includes acquiring long-term leasehold interests at
the site. The development will integrate student housing, a health and wellness and recreation
center, and ground‑floor retail and dining. The project is designed to provide flexible student
support spaces while increasing density, activating the Georgia Avenue corridor, and
strengthening connections between campus and community.

In addition, the financing will be used to refinance certain existing indebtedness, the proceeds of
which supported initial development costs for the Wonder Plaza project as well as capital
improvements to the Ralph J. Bunche International Affairs Center located at 1805 7th Street,
NW. The project further includes the purchase of equipment and furnishings for the
redevelopment, along with other functionally related real and personal property. Bond proceeds
will also fund certain eligible working capital costs, interest on the bonds, and any associated
Provident Resources Group Wonder Plaza Properties

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credit enhancement, liquidity, or debt service reserve fund requirements. Finally, the financing
will cover all allowable costs associated with issuing the bonds.

Financing Plan

A summary of the proposed sources and uses of funds is attached (see Table 1).

Feasibility/Structure/Security of the Bonds

J.P. Morgan has reviewed the financial feasibility of Provident Resources Group Wonder Plaza
Properties in connection with the proposed approximately $350 million revenue bond
application. Based on the assessment of the organization’s financial position and financing
needs, J.P. Morgan believes such financing is feasible. Bonds will be a general obligation of
Provident Resources Group Wonder Plaza Properties.

Legal and Regulatory Affairs

The law office of Orrick, Herrington & Sutcliffe is assigned as bond counsel to the Revenue
Bond Program and has preliminarily determined that Provident Resources Group Wonder Plaza
Properties is a 501(c)(3) organization, and the project constitutes a permissible undertaking in
Section 490(a)(1) of the District of Columbia Home Rule Act.

Based upon the information outlined in the application, the Revenue Bond Program staff has
determined that the proposed project complies with the criteria for approval of a proposed
financing transaction through the District’s Revenue Bond Program and will assist Provident
Resources Group Wonder Plaza Properties in furthering its organizational mission.
Provident Resources Group Wonder Plaza Properties

3

TABLE 1
PROPOSED SOURCES AND USES OF FUNDS

SOURCES OF FUNDS
Bond Proceeds $375,000,000

Total Sources of Funds $375,000,000

USE OF FUNDS
New Construction $292,935,601
Issuance Cost and Counsel Fees $6,011,899
Net Capitalized Interest $51,062,500
Debt Service Reserve Fund $25,000,000

Total Uses of Funds $375,000,000
GOVERNMENT OF THE DISTRICT OF COLUMBIA
OFFICE OF THE ATTORNEY GENERAL

Commercial Division
Tax & Finance Section

MEMORANDUM

TO: William Liggins
Director, Revenue Bond Program
Office of the Deputy Mayor for Planning and Economic Development

FROM: Patrick Allen
Senior Assistant Attorney General
Commercial Division

DATE: April 10, 2026

SUBJECT: Legal Sufficiency Certification of “PRG Wonder Plaza Properties Inc.
Revenue Bonds Project Approval Resolution of 2026”.

This is to certify that the Commercial Division has reviewed the above-referenced
resolution and found it to be legally sufficient. If you have any questions in this regard,
please do not hesitate to call me at (202) 724-7754.

_________________________________
Patrick Allen
Senior Assistant Attorney General