Virginia Football Stadium Authority; established. (HB1353)

Introduced By

Del. Barry Knight (R-Virginia Beach)

Progress

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

Description

Virginia Football Stadium Authority. Establishes the Virginia Football Stadium Authority as a political subdivision charged with financing the construction of a football stadium and related facilities. The Authority is authorized to hire independent contractors, enter contracts, acquire property, borrow money, and exercise other similar powers. The Authority is exempt from the Personnel Act and the Public Procurement Act. The Authority may issue bonds with a maximum maturity date of 20 years. The bill provides that at least 50 percent of any revenues received from selling the naming rights to the stadium shall be dedicated to the principal and financing costs of any bonds issued under the bill and provides that if the football team that will primarily use the stadium (the primary team) relocates, it shall be required to repay any outstanding principal and financing costs. The bill entitles the Authority to sales tax revenues from transactions at the stadium but excludes certain revenues that current law dedicates to transportation and education. The entitlement begins on the stadium's operational date. The bill enables localities to appropriate tax revenues to the Authority. The Authority is made up of nine members appointed by the Governor and subject to confirmation by the General Assembly. Four of the nine members are appointed from a list chosen by the primary team. The provisions of the bill expire if the Authority has not entered into a development and lease agreement with the primary team before July 1, 2025. Read the Bill »

Status

03/02/2022: Passed the Senate

History

DateAction
01/21/2022Committee
01/21/2022Presented and ordered printed 22104733D
01/21/2022Referred to Committee on Appropriations
02/07/2022Reported from Appropriations (14-Y 7-N) (see vote tally)
02/09/2022Read first time
02/09/2022Impact statement from DPB (HB1353)
02/10/2022House committee, floor amendments and substitutes offered
02/10/2022Read second time
02/10/2022Passed by for the day
02/11/2022Read second time
02/11/2022Motion to pass by Amendment by Delegate Simon agreed to (51-Y 43-N)
02/11/2022VOTE: Pass By (51-Y 46-N 1-A) (see vote tally)
02/11/2022Engrossed by House
02/14/2022Read third time and passed House (62-Y 37-N)
02/14/2022VOTE: Passage (62-Y 37-N) (see vote tally)
02/16/2022Constitutional reading dispensed
02/16/2022Referred to Committee on Finance and Appropriations
03/01/2022Reported from Finance and Appropriations with substitute (12-Y 2-N 1-A) (see vote tally)
03/01/2022Committee substitute printed 22107274D-S1
03/02/2022Constitutional reading dispensed (40-Y 0-N) (see vote tally)
03/02/2022Read third time
03/02/2022Reading of substitute waived
03/02/2022Committee substitute agreed to 22107274D-S1
03/02/2022Engrossed by Senate - committee substitute HB1353S1
03/02/2022Passed Senate with substitute (30-Y 9-N 1-A) (see vote tally)
03/02/2022Reconsideration of Senate passage agreed to by Senate (39-Y 0-N 1-A) (see vote tally)
03/02/2022Passed Senate with substitute (30-Y 10-N) (see vote tally)
03/02/2022Senate substitute rejected by House 22107274D-S1 (0-Y 98-N)
03/02/2022VOTE: Rejected (0-Y 98-N) (see vote tally)
03/02/2022Senate insisted on substitute (30-Y 10-N) (see vote tally)
03/02/2022Senate requested conference committee
03/02/2022House acceded to request
03/02/2022Conferees appointed by House
03/02/2022Delegates: Knight, Marshall, Hayes
03/02/2022Conferees appointed by Senate
03/02/2022Senators: Saslaw, Newman, Ebbin
03/03/2022Impact statement from DPB (HB1353S1)
03/12/2022Continued to 2022 Sp. Sess. pursuant to HJR 455
03/12/2022Continued to 2022 Sp. Sess. 1 pursuant to HJR455

Comments

John Aucella writes:

I bet money that this is a terrible waste of Virginian tax payers’ dollars.

Let the tax payers see the proposed “investment” prospectus or business plan —- to read, analyze, discuss.

When could and how does the taxpayers get their invested tax dollars back?

When could and how does the tax payer get potential dividends?

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