The awesomely call-lettered Virginia Beach TV station WAVY has another report on that city’s arena plans today, though pretty much all of it is just he-said-she-said on who likes the idea and who doesn’t. There is, however, one interesting tidbit from Mayor Will Sessoms:
“I would look for help from the Commonwealth, from special tax districts at the oceanfront, perhaps an increase on the tax on hotel rooms and ticket sale revenues which could be huge,” Sessoms said.
This is the most specific that anyone has gotten about how on earth this $275-400 million arena would be paid for, and indicates that when Sessoms said that “revenue generated by the arena” would help pay for the place, he at least in part meant a TIF district to kick back arena taxes to pay for construction. Add in hotel taxes and “help from the Commonwealth” (aka state subsidies), and there’s really no telling how much of a taxpayer subsidy we could be looking at here.
All of which would help explain why Comcast-Spectacor, let along possible the owners of the Sacramento Kings, might be considering Virginia Beach as a workable place to build an NBA arena. Hopefully, more details will be forthcoming at today’s city council hearing, but right now this doesn’t look too promising.
How’s this for strange? The Kings haven’t had an on-line store since June 15 — and the public has only now noticed it.
sacramento.cbslocal.com/2012/08/27/fans-looking-for-kings-gear-cant-get-it-online/
Why should there even be a Sacramento Kings?
Kings are gonzo.