Three years after Virginia Beach started looking into building a new arena to lure the Sacramento Kings to move to town (SPOILER: they didn’t), Mayor Will Sessoms and the city council met yesterday to reach agreement on the construction of a $200 million, 18,000-seat venue on city land. According to the latest renderings, the arena will include lots of spotlights and fireworks and lens flare (or maybe that’s the moon, who can tell, it’s all so blurry).
The project would receive $50 to $70 million in city infrastructure spending (which would include things like a plaza outside the arena, which isn’t really infrastructure, but anyway), and also … we don’t know what else also, because the meeting was behind closed doors, as will be today’s followup meeting. So no official word on whether the city is still planning on providing $8.5 million a year in tax kickbacks to the arena developers to help pay for stadium construction costs, as was reported last year (along with reporting that the arena would be “funded entirely by private investors,” because journalists don’t understand simple economics and anyway can’t be bothered to question press releases because someone important might get mad).
So we could still be looking at more than $175 million in public subsidies for a $200 million arena. There will at least be one public hearing on the project (on December 1) before a final city council vote on December 8, which presumably will be public, but you never want to assume in Virginia Beach.