Virginia Beach council approves framework for agreement to build oceanfront arena

We also have more stories about:
(click the phrases to see a list)




VIRGINIA BEACH, Virginia — Virginia Beach's City Council has approved the framework for an agreement to build an oceanfront arena that could accommodate a professional sports team.

The city says in a news release that the council unanimously approved a non-binding agreement called a term sheet Tuesday night.

The term sheet states that the $200 million project would be funded by private financing provided by United States Management LLC.

Virginia Beach would provide $52.6 million for infrastructure outside the area, including parking, a public plaza, and utilities such as lights, water and sewer.

United States Management would own and operate the arena.

The city says a vote on a final agreement could occur in the first quarter of 2105.

All content copyright ©2014 Daily Reporter, a division of Home News Enterprises unless otherwise noted.
All rights reserved. Click here to read our privacy policy.
Daily Reporter • 22 W. New Road • Greenfield, IN 46140 • (317) 462-5528