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2013 SESSION

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HB 2319 Hampton Roads Sports Facility Authority; name change.

Introduced by: Ronald A. Villanueva | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Hampton Roads Sports and Entertainment Facility Authority. Makes numerous changes intended to facilitate the attraction and operation of a National Hockey League or National Basketball Association franchise, or other events, among which are amendments that will (i) entitle the Authority, subject to appropriation, to personal, pass-through entity, and corporate income tax revenues generated by the operation of the facility; (ii) change the definition of "arena" by requiring a seating capacity of no less than 15,000, and expanding the purpose of the arena to include a venue for conferences and entertainment events; (iii) allow the City of Virginia Beach to remit certain local taxes generated from the facility to the Authority, including sales and use taxes, admissions taxes, food and beverage taxes, and business, professional and occupational license taxes; (iv) permit such locality to charge fees, ticket surcharges, or other charges for such facility and to remit all or a portion of such charges to the Authority; (v) exempt the Authority from the Virginia Public Procurement Act; (vi) require review by the State Treasurer prior to the issuance of bonds, and approval of the General Assembly if the bond issuance would constitute tax-supported debt or adversely affect the Commonwealth's debt capacity or credit rating; and (vii) eliminate the requirement that state tax revenues be applied to repayment of the bonds.

The provisions of the bill expire on January 1, 2018, if the Hampton Roads Sports Facility Authority has not (a) executed a lease with a team that is a member of the National Hockey League or the National Basketball Association or (b) issued bonds for an arena for the purpose of holding conferences and entertainment events.


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