An as-yet-unnamed NBA franchise is the target of Virginia Beach officials.
Virginia Beach is asking the state to commit to spending $150 million to help lure an NBA team to town
Warren Harris, the city's economic development director, wrote a letter Wednesday requesting the commitment from the Virginia Economic Development Partnership, according to the Associated Press.
Harris wrote that the state would need to contribute $70 million dollars toward the construction of a $300 million arena at the oceanfront. An additional $30 million would be needed to pay the unnamed franchise's league relocation fee.
In addition, another $42 million would be spent to offset the team's financial losses while it plays in a smaller, temporary arena while a new one is built The rest would be spent on moving expenses.
The city council would have to vote to approve the project.