Arena, NBA team could bring $11M in annual tax revenue to Virginia

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by Brian Farrell

WVEC.com

Posted on October 23, 2012 at 11:32 PM

Updated Wednesday, Oct 24 at 7:04 AM

VIRGINIA BEACH -- A study by Chmura Economics and Analytics found that a proposed 18,500-seat arena at the Oceanfront would generate about $11 million in direct tax revenue for Virginia each year once the facility gets running.

A representative from the firm presented findings of the study to Virginia Beach City Council Tuesday afternoon.

The study took into consideration that the proposed arena would be home to an NBA team and host several events throughout the year.

"The key number I'm looking at now is to see, directly, if that $11 million going to the State in direct tax revenue on an annual basis, if that's realistic," Mayor Will Sessoms explained. "The group that did this report is very well respected in Richmond by the General Assembly, and by the Governor, and by their staff, so I have good reason to believe that it's good information, but, you know, we've got to go through it now, digest it, and make sure it is good, but to see $11 million in direct tax revenue go into the State annually is huge."

Sessoms and council members believe the report joins other pieces of information to consider in determining if the arena proposal from Comcast Spectacor and Live Nation should become a reality. Another consideration will be results of another study that is examining similar economic factors.

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