March 17, 2014
VIRGINIA BEACH, Va. (AP) -- Virginia Beach's mayor has outlined how much public funding may be needed to build an arena and lure an NBA team to town.
Mayor Will Sessoms told city council members Tuesday that the city would pay about $195 million toward the costs of building the arena at the oceanfront. The state would be asked to pay about $70 million toward the arena and Philadelphia-based sports and entertainment company Comcast-Spectacor would chip in $35 million. Under the proposal, Comcast-Spectacor would be responsible for running the arena and finding a pro sports team as its primary tenant.
The state would also be asked to pay $80 million to help an unidentified team move to Virginia. The city council would have to vote to approve the project.