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AFTER MONTHS OF
NEGOTIATIONS IT APPEARS
THE DETAILS HAVE BEEN
WORKED OUT TO BUILD AN
ARENA IN VIRGINIA BEACH,
AND BRING A MAJOR
LEAGUE SPORTS TEAM WITH
IT.
BUT THE DEAL IS FAR FROM
BEING DONE.
10 ON YOUR SIDE'S BRUCE
RADER HAS BEEN COVERING
THIS STORY FROM THE
START.
BRUCE WHAT HAPPENED
TODAY?
WELL, IT'S REALLY WHAT IS
HAPPENING AS WE SPEAK.
SOURCES TOLD ME THAT THIS
MORNING, THAT PETER
LUUKKO THE PRESIDENT OF
COMCAST SPECTACOR TOLD
MAYOR SESSOMS AND OTHER
CITY
OFFICIALS HE IS READY TO
COME TO VIRGINIA BEACH
NEXT WEEK AND
DETAIL WHAT IT WILL TAKE
TO BUILD THE ARENA AND
BRING A MAJOR LEAGUE
SPORTS FRANCHISE TO THE
BEACH.
BUT IT WON'T BE CHEAP.
AND TONIGHT MAYOR SESSOMS
IS
TELLING HIS COUNCIL THE
CITY WILL BE ASKING THE
STATE FOR 150 MILLION
DOLLARS TO HELP BUILD THE
ARENA AND PROVIDE MOVING
EXPENSES
FOR THE UNNAMED TEAM.
THAT TEAM IS PRESUMED TO
BE
THE SACRAMENTO KINGS OF
THE NBA, WHO'S OWNERS ARE
ASKING FOR 70
MILLION DOLLARS TO MOVE
THEIR TEAM TO VIRGINIA.
SOME OF THE MONEY WILL BE
FOR MOVING EXPENSES, 30
MILLION WILL BE
USED TO PAY THE NBA'S
RELOCATION FEE, AND THE
REST OF THE 70 MILLION
WILL PAY FOR POTENTENTIAL
LOSS OF INCOME THE TEAM
WOULD FACE
BY HAVING TO PLAY TWO
YEARS IN SMALLER VENUES
WHILE THE ARENA IS
BY HAVING TO PLAY TWO
YEARS IN SMALLER VENUES
WHILE THE ARENA IS BEING
BUILT.
THE CITY OF VIRGINIA
BEACH WILL BORROW MONEY
TO PAY THE REST OF
THE CONSTRUCTION COSTS,
COMCAST SPECTACOR WILL
PROVIDE ALL LEASE
PAYMENTS AND OPERATING
COSTS AND KICK IN ABOUT
35 MILLION DOLLARS
OF ITS OWN MONEY. WILL
THE GENERAL ASSEMBLY GO
ALONG WITH THE REQUEST,
JASON MARKS IS AT CITY
HALL AND WILL HAVE
MORE TONIGHT AT 11.
BRUCE, GOVERNOR MCDONNELL
IS OBVIOUSLY BEHIND THIS
PROJECT, BUT
IS HE GOING TO BE ABLE TO
MAKE THIS HAPPEN?
A REPORT GIVEN TO STATE
OFFICIALS SAID AN ARENA
WITH A TEAM COULD
GENERATE AS MUCH AS 182
MILLION DOLLARS IN
VISITOR SPENDING EACH
YEAR, WITH THE STATE
ALONE TAKING IN ALMOST 11
MILLION A YEAR IN
TAX DOLLARS. PLUS, THE
GOVERNOR HAS
ALWAYS SAID HAVING A
MAJOR LEAGUE SPORTS
FRANCHISE IN VIRGINIA
WOULD
GIVE THE STATE POSITIVE
EXPOSURE, AND THIS MIGHT
BE THE LAST CHANCE
FOR AWHILE FOR THIS TO
HAPPEN. SO WE'LL FOLLOW
THIS CLOSELY, MUCH
MORE COMING UP TONIGHT.