HB 559

Abstract

City of Norfolk; financing of an arena and facility. Grants the City of Norfolk 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, and (iii) use such revenue to repay such bonds. The bill provides that the City of Norfolk's entitlement to state sales and use tax revenue will expire on the earliest of (a) the maturity date of any bonds it issues related to constructing the arena and facility, (b) the expiration date of its contractual obligations related to the arena or facility, or (c) July 1, 2055. The powers granted by the bill to the City of Norfolk are similar to those granted to the City of Virginia Beach with respect to a sports or entertainment project.