The arena requires a state-created Virginia Sports and Entertainment Authority to finance the arena’s construction and nearby buildings.
The Authority is responsible for financing $1.4 billion of the overall $2 billion construction cost.
The bill by State Sen. Scott Surovell introduced in the State Senate said the Authority would be entitled to various streams of tax revenue, including:
(i) sales tax revenues from construction and transactions on the campus, defined in the bill, but certain revenues that current law dedicates to transportation and education are excluded; (ii) all pass-through entity tax revenues and corporate income tax revenues from income generated by the company, defined in the bill, or any professional sports team or any affiliates as well as in the development and construction of the campus; and (iii) all personal income tax revenues from income generated through employment and business activity on the campus. It also authorizes the City of Alexandria to appropriate tax revenues to the Authority.
Surovell’s bill was referred to the Committee on Finance and Appropriations on Friday while a matching bill in the House of Delegates was referred to the House Committee on Appropriations.
Despite bipartisan support from local, state and federal leaders at the proposal’s debut last fall, some state leaders said they remain unconvinced that the arena is a good idea. State Sen. Adam Ebbin said full funding to the Metro is a prerequisite for discussion of the new arena after both local activists and Metro leadership raised concerns about the Potomac Yard Metro station’s ability to handle arena crowds.
Crossover for legislation is on Tuesday, Feb. 13. The last day of the session is March 9.
A bit of a slower news week in Alexandria. The fight over the Potomac Yard arena was still ongoing and Metro funding got tied up into the mix. Over the…
A new pilot program to step up parking enforcement in Old Town netted 4,000 citations in its first month. A staff memo (page 8) to the Traffic and Parking Board…
The Alexandria School Board approved its fiscal year 2025 $384.4 million combined funds budget on Thursday night and it is asking City Council for $21 million more than the previous…
A 4 BD/3 BA brick townhome with a gas fireplace, floor to ceiling windows and a 2 car garage is featured in Just Listed.
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Peace in Gaza: Prayer Liturgy and Community Discussion for Peace in Arlington VA, Sunday, Feb. 11, 10:15 AM
Prayer, liturgy, and community discussion for peace in Gaza, an immediate cease fire and resumption of humanitarian aid will be hosted by Nova Catholic Community. The focus will be Pope Francis’ call for an immediate ceasefire, the release of all hostages, resumption of humanitarian aid for Palestinians in Gaza, and peace talks for a lasting and just peace for all people in the region.
Discussion will follow at Noon on US military role in the conflict and appropriate steps the US should take to foster peace and rebuilding. Light lunch served.
Again this year, The Critical Mass, LLC, the Made in ALX store and local Ukrainian-American artists are throwing a Pysanky Party — and partnering on a fundraiser for the nonprofit organization Razom for Ukraine.
The free event, from 5 –