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Virginia Beach Requests State Funds For NBA Bid

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An as-yet-unnamed NBA franchise is the target of Virginia Beach officials.
http://www.flickr.com/photos/mcdemoura/3255908291/
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.

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