FOR IMMEDIATE RELEASE · February 9, 2024
Chairman Torian’s Statement on the Passing of House Bill 1514
RICHMOND, VA – This afternoon, the House Appropriations Committee advanced HB1514. The Committee adopted a substitute introduced by Appropriations Chairman Luke Torian. Chairman Torian released the following statement on the Hearing:
“As Chairman of the House Appropriations Committee and a member of the Major Employment and Investment Commission (MEI), it is customary for this seat to carry MEI-approved projects of this magnitude.
House Bill 1514 will create the Virginia Sports and Entertainment Authority for the purpose of developing a new sports arena and surrounding multi-use district at Potomac Yard. The vision is for this new sports arena to be the future home of the Washington Capitals and Washington Wizards. The project will include an arena, a performance venue for concerts, and a district with food, retail establishments, hotels, and an office building for Monumental Sports.
The Authority this bill creates is authorized to issue debt to incentivize the recruitment of the teams to Virginia. The debt incurred for the development of the Commission is envisioned to be repaid from a variety of revenue sources derived from the arena and the development surrounding the arena.
This debt will be paid only from the portion of the state’s tax revenues generated by this multi-use development, which includes sales, personal income, and business-related taxes. Other revenue sources to pay off the debt include tax revenues from the City of Alexandria, parking fees, a ticket tax, and the naming rights of the district.
The substitute before the Committee is the first step in a process of work to ensure we achieve the best deal possible for the citizens of the Commonwealth.”