A team in an 18,500-seat arena, to be built at a cost of $350 million in time for the 2015-2016 basketball season, would also provide $11 million annually in state tax revenue and create 3,700 jobs, the study by Chmura Economics & Analytics, based in Richmond said.
The city is in talks with the media company Comcast-Spectacor over building an arena to attract an NBA or NHL team, the target tenant believed to be the NBA's Sacramento Kings, The (Norfolk) Virginian-Pilot reported Wednesday.
City officials forwarded the study to state officials to learn if state funding is available for construction of the arena, said Warren Harris, Virginia Beach's director of economic development.
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