Virginia Beach, Va. - The Virginia Beach city council voted unanimously Tuesday evening to approve a non-binding agreement for the new entertainment and sports arena at the Oceanfront.
This resolution now lays out the responsibilities for both sides, the city and the developer, United States Management.
The new arena, to be built entirely using private funds, is expected to cost $200 million. The city of Virginia Beach will provide infrastructure outside of the arena, including parking, a public plaza, water, sewer and lighting.
Developers say the arena will seat up to 18,000 people, the most of all the current arenas in Hampton Roads.
The term sheet agreed upon Tuesday night detailed the financing for the project and United States Management's responsibility in building, maintaining and operating the arena. The city's responsibility and taxes to help pay the arena's debt were summarized as well.
The City of Virginia Beach and the developer will now work on a detailed development agreement based upon the term sheet approved Tuesday night. City council will vote on that final agreement in the first quarter of next year.
If approved, groundbreaking for the arena is expected to take place next fall with a opening in the fall of 2017.
Click here for a complete summary of the term sheet voted on by city council.
