A proposal for a new Virginia Beach arena is back in the works, as the city council has granted United States Management (USM) more time to finalize a funding plan.
In October, USM delivered a funding plan that was rejected by the Virginia Beach City Council. The council had multiple issues with the proposal, including a provision that would allowed the plan to move forward with unrated bonds.
Even after that vote, USM expressed an interest in trying to renew talks, a sentinment that was shared by some Virginia Beach officials. On Tuesday, USM had its request for a 60-day extension to secure funding approved by the council on a 9-1 vote. More from The Hampton Roads Business Journal:
“We will be bringing an arena to Hampton Roads,” U.S. Management President and CEO Andrea Kilmer said in the hallway immediately after the vote.
Councilwoman Barbara Henley, who said before the vote she is concerned about the “enormous amount of parking” that would be needed for the arena, cast the lone dissenting vote. Councilman Jim Wood was absent.
She said Tuesday USM is in negotiations with a “domestic” potential investor but would not reveal its identity.
If constructed, the Virginia Beach arena will be utilized for concerts and other large-scale indoor events. The posibility of attracting a sports franchise has not been ruled out.
RELATED STORIES: Virginia Beach Arena Talks Could Resume; Council Votes Against Virginia Beach Arena; Major Vote Set for Virginia Beach Arena; Virginia Beach Still Considering Arena Funding; Virginia Beach Confident in Arena Funding Model; Suites Already on Sale for New Virginia Beach Arena; Virginia Beach Approves Arena Funding Deal; New Virginia Beach Arena Funding Plan Emerges; Status Update on New Virginia Beach Arena on Tap
