House passes amended VB arena bill

VIRGINIA BEACH, Va. (WAVY) — The Virginia House of Delegates passed an amended arena bill, already approved by the state Senate.

The bill, sponsored by Del. Ron Villanueva, would permit the city to issue bonds to construct an arena and use tax revenue from the arena to repay those bonds.

In its amended form, the bill allows for the sales tax to be used toward arena bonds, but not the income tax.

If the bill becomes law, it will give the city of Virginia Beach the same rights currently held by the Hampton Roads Sports Facility Authority.

This bill comes after Virginia Beach officials debated building an arena to house an NBA franchise in the city. That deal fell through because team owners instead opted to play in Seattle.

Virginia Beach officials believe passage of the bill would put the city in a better negotiating position if a similar opportunity presented itself in the future.

The bill will now go to Gov. Bob McDonnell for consideration.

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Virginia (change)

 
Virginia was founded in 1607 in Jamestown. Since then, Virginia has grown and prospered into a thriving state rich with diversity from culture to climate.
 
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Governor: Robert F. McDonnell
Lieutenant Governor: Bill Bolling
Attorney General: Ken Cuccinelli
Secretary of State: Janet Polarek

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