WASHINGTON (DC News Now) -- The D.C. Council voted unanimously to finalize the funding deal with Monumental Sports and Entertainment, setting the stage for the transformation of Capital One Arena. As part of the deal, D.C. will allocate $515 million to purchase the arena and fund renovations. Monumental Sports and Entertainment will contribute an additional nearly $300 million. “We needed a facelift at Gallery Place and so this $515 million we know will have an easy and fast payback period, so we feel good about the financial return on investment,” said Nina Albert, Deputy Mayor for Planning and Economic Development. Fans excited about upcoming renovations to Capital One Arena Albert said she’s already heard from property owners in the area who plan to make more investments in Gallery Place because of the arena deal. “It’s that additional activity that is the real bonus for everybody,” she said Some fans told DC News Now Tuesday that the deal is a game-changer for the area. “I think it’s a no-brainer,” said Edwin Palmer, a lifelong Washingtonian.  “You invest the money into the arena which is going to bring revenue to the city because we have a better facility. More people will come to the games.” Still, other residents disagreed. PREVIOUS COVERAGE: DC Council unanimously approves legislation to fund Capital One Arena renovations “It’s pretty much a death sentence for what remains of D.C. Chinatown. Currently, there are only 300 [Chinese American] residents left and 15 small businesses,” said Cassie He, an organizer with Save Chinatown Solidarity Network. The organization has been advocating against the deal. “With more funding going into the quote-unquote revitalization of D.C. Chinatown, we expect rent prices to continue increasing, development to continue pushing small businesses out,” she explained. According to the District, more than 4,000 construction jobs will be created from the project and it will generate more than $21 million in new tax revenue during the construction years. Monumental is expected to begin construction this summer. It will last approximately three years.