Norfolk, City of; financing of an arena and facility. (HB559)
Introduced By
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 »
Status
12/04/2020: Failed to Pass in Committee
History
Date | Action |
---|---|
01/06/2020 | Prefiled and ordered printed; offered 01/08/20 20102685D |
01/06/2020 | Referred to Committee on Counties, Cities and Towns |
01/12/2020 | Impact statement from TAX (HB559) |
01/17/2020 | Assigned CC & T sub: Charters |
01/18/2020 | Impact statement from DHCD (HB559) |
01/31/2020 | Referred from Counties, Cities and Towns |
01/31/2020 | Referred to Committee on Finance |
02/03/2020 | Subcommittee recommends continuing to 2021 |
02/05/2020 | Continued to 2021 in Finance |
12/04/2020 | Left in Finance |