VIRGINIA BEACH, Va. (AP) - Virginia Beach city officials will hear a presentation on the economic impact an NBA team moving to the city could have on the state.
Virginia Beach is considering whether to build a new arena near the oceanfront in hopes of luring an NBA or NHL team to town. Officials say one could begin play in 2015.
A study produced for the Virginia Beach Development Authority says an NBA team would support about 3,700 jobs in Virginia and that the state government would receive nearly $11 million in tax revenue each year. The study was prepared by Richmond-based Chmura Economics and Analytics.
That firm will present their findings during a presentation Tuesday. Among other things, it says the statewide economic impact would exceed $500 million a year.
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