VIRGINIA BEACH, Va. (AP) - Virginia Beach officials have ended an agreement it had with a developer that wanted to build an 18,000-seat area near the city’s oceanfront boardwalk.
The Virginian-Pilot reports that the City Council voted 9-1 Tuesday to end its contract with Mid-Atlantic Arena LLC to build a $220 million sports and entertainment arena near the Virginia Beach Convention Center.
The developer says it met its Tuesday deadline to file loan paperwork, but the city disagrees. City officials say the developer didn’t submit some of the necessary documents. Officials also say that the required funds had not been committed.
Mayor Will Sessoms said the council would consider voting again on the same deal if the developer returns with the financing at a later date.
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