VIRGINIA BEACH, Va., Oct. 24 (UPI) -- A study presented to the Virginia Beach City Council said a proposed NBA team would have a $503 million-per-year impact on the Virginia city.
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.
|Additional U.S. News Stories|
OGDEN, Utah, June 17 (UPI) --Police have identified the victim of Sunday's shooting in a Roman Catholic church in Utah as James Evans; his son-in-law was charged with the crime.
DUBAI, United Arab Emirates, June 17 (UPI) --Despite massive spending on Western weapons, the Arab monarchies of the Persian Gulf are "unable to secure themselves from any external threat" -- meaning Iran – and are running up huge public and foreign debt, a gulf think tank says.