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VB officials in Texas for NBA's Kingz $ 426 Million Dollar Costing arena talks

VB officials in Texas for arena talks

VIRGINIA BEACH, Va. (WAVY) - A city council member told Virginia Beach officials are meeting with a consulting firm in Dallas to discuss plans for an arena proposal.

City staffers are meeting with representatives from HKS, Inc., a consulting firm hired by the Virginia Beach Development Authority to assist with the arena project.

The 18,500-seat arena would be build on land near the convention center.

News of the Texas trip came the same day the city announced it will be forming a committee to get citizens' input on the project.

The committee will hold a town hall style meeting at 6 p.m. Tuesday Dec. 18 at the Virginia Beach Convention Center.

Sources tell the NBA's Sacramento Kings are in talks with Comcast Spectacor about becoming the anchor tenant.

City Council gave Comcast-Spectacor its verbal consent Tuesday to move forward with arena plans and negotiations.

According to Beach Mayor Will Sessoms, the total estimated cost for the arena will be $426 million and breaks down as follows:

  • $195 million from the City of Virginia Beach
  • $35 million from Comcast-Spectacor
  • $150 million from State of Virginia (including moving costs for a sports team and initial construction)
  • $46 million borrowed

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