Well, that didn’t take long: last night the Virginia Beach City Council rejected a proposal by Drakkar America to fund a new 22,000-seat arena on the city’s Oceanfront area, saying the city couldn’t afford to back the project.
The proposal would have had the city guaranteeing all the debt on the $350-million project, an amount too steep for councilmembers. Drakkar America would have worked for private financing for the project, but in the end local taxpayers would have backed the debt and kicked some tax dollars into an accompanying development.
RELATED STORIES: New 22,000-seat arena pitched for Hampton Roads
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