Virginia Beach unveils NBA arena planPosted by Inside Hoops
The Virginia city that’s reportedly trying to lure the Sacramento Kings has sketched out a tentative financing plan for a new arena, including huge public subsidies.
Mayor Will Sessoms of Virginia Beach, Va., told his City Council late Tuesday that the city would contribute $195 million and the state will be asked to contribute $150 million toward the effort.
Of the state’s contribution, $70 million would go toward arena construction and $80 million to help with team relocation expenses.
– Reported by Dave Kasler of the Sacramento Bee
Mayor Will Sessoms has offered the first glimpse into how a deal to build an 18,500-seat arena and bring a professional sports team to the city might be structured. The big takeaways: It would be paid for mostly with public funds but might not happen at all.
In a quick message to the City Council at the end of its regular meeting Tuesday, Sessoms laid out what the three players – the city, the state and a private company – would bring to the table to build the arena now estimated to cost $300 million.
The city would contribute $195 million. The state will be asked for $150 million, of which $70 million would be for the arena, and Comcast-Spectacor, the Philadelphia-based sports and entertainment company that would lease and operate the arena and is working to recruit the pro sports team, would put in $35 million.
– Reported by Aaron Applegate of the Virginian-Pilot