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VIRGINIA BEACH IS ONE
STEP CLOSER TO A DEAL TO
BRING A SPORTS ARENA TO
HOUSE AN N-B-A TEAM.
MAYOR WILL SESSOMS HAS
REQUESTED MILLIONS OF
TAX-
DOLLARS FROM THE STATE OF
VIRGINIA TO HELP WITH
CONSTRUCTION
COSTS AND TEAM MOVING
EXPENSES. SPORTS
DIRECTOR BRUCE RADER
JOINS
US WITH THE DETIALS.
THE NEGOTIATIONS HAVE
BEEN LONG AND TRYING, BUT
A DEAL HAS FINALLY
BEEN PUT TOGETHER. AND
TONIGHT, FOLLOWING YET
ANOTHER POSITIVE REPORT
FROM THE CITIES TOURIST
BUREAU, MAYOR
SESSOMS SURPRISED COUNCIL
MEMBERS WHEN HE
ANNOUNCED THE
PRESIDENT OF COMCAST-
SPECTACOR IS COMING TO
NEXT
WEEK'S MEETING TO FINALLY
LAY OUT WHAT IT WILL TAKE
TO BUILD AN ARENA
AND BRING IN A
PROFESSIONAL SPORTS TEAM
AS IT'S MAIN TENANT.
THE ARENA WOULD BE BUILT
ACROSS THE STREET FROM
THE VIRGINIA BEACH
CONVENTION CENTER, THE
TEAM IS BELIEVED TO BE
THE NBA'S SACRAMENTO
KINGS. THE CITY WOULD
BORROW 195 MILLION
DOLLARS, BUT THE LOAN
WOULD BE REPAYED BY MONEY
GENERATED BY THE
CONCERTS AND SPORTING
EVENTS THAT WILL GO ON
THROUGH OUT THE
YEARS. NO MONEY FROM THE
GENERAL FUND
WILL BE USED. SESSOMS
WILL ASK THE STATE
TOMORROW TO BORROW AN
ADDITIONAL 150
MILLION--80 MILLION
WOULD GO TO THE KINGS FOR
VARIOUS EXPENSES THE
OTHER 70 MILLION TO
HELP BUILD THE ARENA.
"...NUMBERS WILL WORK"
COMCAST-SPECTACOR WILL
PROVIDE LEASE PAYMENTS
AND
COVER ALL OPERATING COSTS
OF THE ARENA, PROMISING
TO BRING
IN MAJOR CONCERTS, WITH
HOPES OF LURING OLYMPIC
TRIALS, NATIONAL
RELIGIOUS EVENTS, ACC AND
NCAA BASKETBALL
TOURNAMENTS,
ALONG WITH GYMNASTICS AND
PAY PER VIEW WRESTLING
AND
MIXED MARTIAL ARTS.
COMCAST IS ALSO WILLING
TO KICK IN
35 MILLION DOLLARS TO
MAKE IT ALL HAPPEN.
THE GENERAL ASSEMBLY
CONVENES JANUARY 9TH AND
CONTINUES
FOR 45 DAYS. THE KINGS
WOULD HAVE TO NOTIFIY THE
LEAGUE OF THEIR
INTENTIONS TO MOVE BY
MARCH.
THE DEAL MAY HINGE ON THE
STATE MONEY--THERE SEEMS
TO BE NO
WIGGLE ROOM--150 MILLION
DOLLARS--A LOT OF
POLITICS TO BE PLAYED,
BUT AT
LEAST VA. BEACH IS IN THE
GAME. BRUCE RADER, FOR