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2019 SESSION

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SB 1790 Sports or entertainment project; City of Va. Beach granted certain powers relating to construction.

Introduced by: Frank W. Wagner | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

City of Virginia Beach; sports or entertainment project. Grants the City of Virginia Beach certain powers relating to construction of a sports or entertainment project and any related facilities. Among those powers is the authority to (i) issue bonds to construct a sports or entertainment project, (ii) receive state sales and use tax revenue that is attributable to such project, and (iii) use such revenue to repay such bonds. The bill provides that the City of Virginia Beach's entitlement to state sales and use tax revenue shall expire on July 1, 2039. The powers granted by the bill to the City of Virginia Beach are similar to those granted to the Hampton Roads Sports Facility Authority.


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