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PONTE VEDRA BEACH, Fla. -- The PGA TOUR, in conjunction with the Tiger Woods Foundation, announced on Tuesday that the TOUR will return to Washington, D.C. as a result of the two organizations reaching a long-term agreement to create a new PGA TOUR event in the nation's capital, beginning in July, 2007.

Tiger Woods will be on hand in Washington, D.C. on March 7 to announce the details of the newest PGA TOUR event. (Action Image/WireImage)

The new tournament will be held the week of July 2-8 with the Tiger Woods Foundation serving as the event's host organization and primary charitable beneficiary. A press conference is scheduled for March 7 in Washington, D.C. where PGA TOUR Commissioner Tim Finchem and Tiger Woods will announce further details of the tournament, including the title sponsor, total purse, and the charitable vision for the event.

"After an extensive search, we are very excited about our partnership with the Tiger Woods Foundation to bring a PGA TOUR event back to our nation's capital over the 4th of July holiday celebration," Finchem said. "We are delighted to be able to work with Tiger and his Foundation, and I look forward to joining him on March 7 to announce a very strong title sponsor and additional details of the tournament."

"This is a wonderful opportunity to expand awareness and interest in the work we're doing for millions of kids across the country," said Woods, founder of the Tiger Woods Foundation. "I'm grateful the PGA TOUR selected us as partners and am very excited my Foundation will host another amazing event, this time in our nation's capital. I'm delighted to think of all the young people this will help us reach."

Additional information on the time and location of the March 7 press conference will be released later this week.