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2020 SESSION

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HB 1345 Richmond, City of; arena and development project.

Introduced by: Jeffrey M. Bourne | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

City of Richmond; arena and development project. Grants the City of Richmond certain powers relating to construction of an arena and development project and any related facilities. Among those powers is the authority to receive state sales and use tax revenue that is attributable to such project and use such revenue to repay such bonds. The bill provides that the City of Richmond's entitlement to revenue shall expire on the earlier of the date of the final payment of any bonds issued to finance or refinance any cost of the project or 35 years from the initial date that any bonds were issued to pay any cost of the project. The powers granted by the bill to the City of Richmond are similar to those granted to the City of Virginia Beach with respect to a sports or entertainment project.


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