The arena, built to NBA specifications, would cost about $350 million. Virginia Beach with its high bond rating could easily get that money in a 25 year loan. Live Nation, which also owns Ticketmaster, is the world's biggest concert promoter and ticket seller. It is losing money in financially strapped Europe, but is making big profits in Hampton Roads.
The Virginia Beach Amphitheater, which Live Nation manages, is one of the top five most profitable venues in the Live Nation stable of venues. The company feels it can make even more money for itself and Virginia Beach if it can bring its big acts to a new arena 12 months a year.
That doesn't even take into consideration an ACC or NCAA basketball tournament now and then. But starting Tuesday comes the hard part.
Comcast and Live Nation have to convince a majority of the council that they can generate enough money with concerts and sporting events to play off the loan the city would have to borrow to build the arena. Oklahoma City, went another route--adding one penny to the sales tax for five years paid for their new arena which is the home of the Oklahoma Thunder.
After Tuesday's presentation the council will have about two months to make a decision--right around election time.
Governor-elect Terry McAuliffe spent part of Wednesday in Hampton Roads, talking about the future of the region.
A man is facing attempted abduction charges after police said he tried to grab two juvenile girls and exposed himself.
A lawsuit has been filed on behalf of more than 2,000 EMTs and paramedics who were abruptly laid off over the weekend.