A company wants to build a $200 million sports arena in the City of Virginia Beach for free. But the city is still going to have to pay to get the whole area ready for this multi-million dollar arena.
The arena would boost the year-round economy of the city. Right now it will cost the city $ 52 Million and could reach as high as $79 million.
Earlier this year, the city accepted a proposal from a company called USM to build a sports and entertainment arena near the city’s convention center.
The building would have more than 18,000 seats spread across 550,000 square feet. I could host basketball, hockey and concerts. It would cost $200 million dollars. But unlike other arena proposals, the company building it would put up the money. In turn, the company would keep some of the taxes the arena generates along with a slice of the city’s hotel taxes.
The city, however, would have to pay for all of the utility and street improvements needed for the arena.
The site plan does not include a parking garage. The planners envision spreading the parking through several Oceanfront lots, including private ones.
Council members seemed thrilled with the idea and thought it was time to move forward.
Direct arena site costs for Virginia Beach are between $52 million and $79 million.—
Mike Mather (@mikemather) July 08, 2014