SB 787

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 HB 1102.

City of Norfolk; financing of an arena andfacility. Grants the City of Norfolk certain powers relatingto construction of an arena and facility. Among those powers is theauthority 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, and (iii) use such revenue to repay suchbonds. The bill provides that the City of Norfolk's entitlement tostate sales and use tax revenue will expire on the earliest of (i)the maturity date of any bonds it issues related to constructingthe arena and facility, (ii) the expiration date of its contractualobligations related to the arena or facility, or (iii) July 1, 2055.The powers granted by the bill to the City of Norfolk are similarto those granted to the City of Virginia Beach with respect to asports or entertainment project.