Features
Virginia Beach On Track For Arena
After a couple of misfires, it looks like Virginia Beach, Va., may finally be on track to construct a $250 million arena with the city council’s Dec. 9 approval of a non-binding term sheet to build it.
The oceanfront arena would be funded by private financing provided by United Statements Management LLC, which would then own and operate the building.
Virginia Beach would provide $52.6 million for infrastructure outside the area, including parking, a public plaza, and utilities such as lights, water and sewer The city says a vote on a final agreement could occur in the first quarter of 2105.