HB 1102

Abstract

Hampton Roads Regional Arena Authority created; financing of a Hampton Roads arena and facility. Creates the Hampton Roads Regional Arena Authority and grants it certain powers relating to construction of an arena and facility. Among those powers is the authority to (i) issue bonds to construct the arena and facility, (ii) receive state sales and use tax revenue that is attributable to the arena and facility, (iii) use such revenue to repay such bonds, and (iv) distribute any excess revenue to any Hampton Roads locality that elects to contribute to the financing of the construction of an arena and facility. The bill provides that the Authority's entitlement to state sales and use tax revenue will expire on the earlier of the maturity date of any bonds it issues related to constructing the arena and facility or July 1, 2060. The powers granted by the bill to the Authority are similar to those granted to the City of Virginia Beach with respect to a sports or entertainment project. The bill repeals existing provisions related to a Hampton Roads Sports Facility Authority. This bill is identical to SB 787.

Hampton Roads Regional Arena Authority created; financing of a Hampton Roads arena and facility. Creates the Hampton Roads Regional Arena Authority and grants it certain powers relating to construction of an arena and facility. Among those powers is the authority to (i) issue bonds to construct the arena and facility, (ii) receive state sales and use tax revenue that is attributable to the arena and facility, (iii) use such revenue to repay such bonds, and (iv) distribute any excess revenue to any Hampton Roads locality that elects to contribute to the financing of the construction of an arena and facility. The bill provides that the Authority's entitlement to state sales and use tax revenue will expire on the earlier of the maturity date of any bonds it issues related to constructing the arena and facility or July 1, 2070. The powers granted by the bill to the Authority are similar to those granted to the City of Virginia Beach with respect to a sports or entertainment project. The bill repeals existing provisions related to a Hampton Roads Sports Facility Authority.

Hampton Roads Regional Arena Authority created;financing of a Hampton Roads arena and facility. Creates theHampton Roads Regional Arena Authority and grants it certain powersrelating to construction of an arena and facility. Among those powersis the authority to (i) issue bonds to construct the arena and facility,(ii) receive state sales and use tax revenue that is attributableto the arena and facility, (iii) use such revenue to repay such bonds,and (iv) distribute any excess revenue to any Hampton Roads localitythat elects to contribute to the financing of the construction ofan arena and facility. The bill provides that the Authority's entitlementto state sales and use tax revenue will expire on the earlier ofthe maturity date of any bonds it issues related to constructing thearena and facility or July 1, 2070. The powers granted by the billto the Authority are similar to those granted to the City of VirginiaBeach with respect to a sports or entertainment project. The bill repeals existing provisions relatedto a Hampton Roads Sports Facility Authority.