Norfolk, City of; financing of an arena and facility. (HB559)

Introduced By

Del. Joe Lindsey (D-Norfolk)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

City of Norfolk; financing of an arena and facility. Grants the City of Norfolk certain powers relating to construction of an arena and facility. Among those powers is the authority to (i) issue bonds to construct the arena and facility, (ii) receive state sales and use tax revenue that is attributable to the arena and facility, and (iii) use such revenue to repay such bonds. The bill provides that the City of Norfolk's entitlement to state sales and use tax revenue will expire on the earliest of (a) the maturity date of any bonds it issues related to constructing the arena and facility, (b) the expiration date of its contractual obligations related to the arena or facility, or (c) July 1, 2055. The powers granted by the bill to the City of Norfolk are similar to those granted to the City of Virginia Beach with respect to a sports or entertainment project. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/06/2020Committee
01/06/2020Prefiled and ordered printed; offered 01/08/20 20102685D
01/06/2020Referred to Committee on Counties, Cities and Towns
01/10/2020Impact statement from DHCD (HB559)
01/11/2020Impact statement from TAX (HB559)
01/12/2020Impact statement from TAX (HB559)
01/17/2020Assigned CC & T sub: Charters
01/18/2020Impact statement from DHCD (HB559)
01/31/2020Referred from Counties, Cities and Towns
01/31/2020Referred to Committee on Finance
02/03/2020Subcommittee recommends continuing to 2021
02/05/2020Continued to 2021 in Finance

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