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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 WAVY.com 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 WAVY.com 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
  • wavy.com

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Tags: $, 426, Costing, Dollar, Kingz, Million, NBA's, Texas, VB, arena, More…for, in, officials, talks

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