Price tag for Va. Beach arena jumps $46 million

[Mike0476]

http://hamptonroads.com/2012/12/va-beach-council-learn-more-arena-deal-tuesday

Details of the proposal in a draft of a report to be presented to the City Council today show that financing costs would bring the city's total to just under $241 million. Last week, Mayor Will Sessoms estimated the cost at $195 million but noted that did not include borrowing costs.

With the interest, the estimated cost of the arena is nearly $346 million; an additional $80 million is needed to relocate an unnamed professional sports team, for a total of about $426 million.

 

[Mike0476]

Virginia Beach Arena Proposal Update (in PDF)

"Global Spectrum & LiveNation added to consultant team in September 2011 as part of initial feasibility study" - page 14

http://www.vbgov.com/government/dep...ay-package/Documents/7.Arena Presentation.pdf

 

[Section 101]

Virginia Beach Arena Proposal Update (in PDF)



http://www.vbgov.com/government/dep...ay-package/Documents/7.Arena Presentation.pdf

So they have been working on it for over a year.

 

[Mike0476]

So they have been working on it for over a year.

Exactly.

 

[JB_kings]

It should be no surprise. George has wanted out of Sacramento for a long time. So yes he has been shopping around the Kings for a long time. There also should be no doubt that George ultimately calls the shots and his brothers are meek puppets who fall in line.

What little hope we have comes from seeing that this is the best deal George has cooking right now. The destination is not the key selling point as much as the 80 million dollar bailout of the broke Maloofs. That deal only works if they can get the state assembly to approve $150 million. I can see VB taxing up their hotels to make their end happen. But harder to see the state jump on this. But this should give you a picture of the Maloof family financial picture if they are desperate for a bailout.

VB not working out just means that the next best deal in another city has to take another year to come together or the ownership to fall apart.

 

[Brac-o-matic]

All the VB talk seems like such a crazy longshot anyways. Can't imagine the NBA would approve a move to VB, and leave two of its favorite markets (Seattle and Sacramento) without a team...

 

[Trueblood]

All the VB talk seems like such a crazy longshot anyways. Can't imagine the NBA would approve a move to VB, and leave two of its favorite markets (Seattle and Sacramento) without a team...

Enter the expansion angle. Kings to VB gives the EC 16 teams with just 14 in the west. Seattle and Sacramento would even it out to 16 apiece.

I realize that the league doesn't want to expand but if VB actually happens, it could be a good thing in the long run.

 

[cstorm]

All the VB talk seems like such a crazy longshot anyways. Can't imagine the NBA would approve a move to VB, and leave two of its favorite markets (Seattle and Sacramento) without a team...

Plus the Maloofs won't be interested because it doesn't increase the value of the team.