Weeks after the proposal was dealt a major setback, a new Virginia Beach arena could be back in the works.
Earlier this month, the Virginia Beach City Council voted against a modified funding plan from United States Management (USM). The proposal, among other things, would have allowed the plan to proceed with unrated bonds, whereas the city had previously requested a bond rating from USM.
However, talks between Virginia Beach and USM could be back on the table. USM is proposing an requesting a 60-day extension to finalizing the funding. The new funding plan could reduce the rate of borrowing, as USM would put more money into the arena. More from the The Virginian Pilot:
Mayor Will Sessoms said Tuesday that he and Vice Mayor Louis Jones recently met with the developer and agreed to ask the council for a 60-day extension so United States Management could secure financing.
Andrea Kilmer, USM president, told the mayor her company came up with $40 million in cash and would reduce the total loan debt from $240 million to $210 million, according to Sessoms.
Kilmer declined to comment.
Sessoms had previously expressed an interest in reviving talks, though it remains to be seen if the proposed change will be enough to sway the city council. In this month’s vote, the council voted 8-3 against USM’s funding plan–the motion needed nine yes votes to pass. The vote concerning the extension is set for November 1.
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