Virginia § 15.2-5935 - Definitions

§ 15.2-5935. Definitions

As used in this chapter, unless the context requires a different meaning:

"Arena" means an arena or stadium that is located in a Hampton Roads locality or Hampton Roads localities, has a seating capacity of at least 15,000, and (i) is built for the purpose of holding entertainment events, conventions, and conferences; (ii) is built for the purpose of conducting athletic events; or (iii) is built for the purposes described in clauses (i) and (ii).

"Athletic events" means events conducted by a sports team.

"Bond issuer" means the Authority and any participating locality.

"Bond" means a note of any kind, an interim certificate, a refunding bond, and any other evidence of obligation, including private bonds and other forms of private financing.

"Eligible transactions" means transactions taking place upon the premises of a Facility, including (i) transactions generating revenues in connection with the development and construction of a Facility that would not be generated but for the existence of the Facility and (ii) transactions that occur while a Facility is under construction.

"Facility" means an arena with either related facilities or related properties or both, provided that such related facilities or related properties are both appurtenant to and directly or indirectly benefited by the presence of such arena. "Facility" includes any temporary construction related to the Facility.

"Facility Site" means real estate designated, donated, purchased, or otherwise acquired for the purpose of constructing a Facility.

"Hampton Roads locality" means the City of Chesapeake, Norfolk, or Virginia Beach.

"Hampton Roads Regional Arena Authority" or "the Authority" means the authority created pursuant to § 15.2-5936.

"Participating locality" means a Hampton Roads locality that joins the Authority.

"Related facilities" means any office, restaurant, concessions, retail, and lodging facilities that are owned and operated adjacent to or in connection with a Facility. If a Facility is built for the purpose of conducting athletic events, "related facilities" includes practice facilities and related offices.

"Related properties" means onsite and offsite offices, parking lots, and garages.

"Sales and use tax revenues" means tax collections under the Virginia Retail Sales and Use Tax Act (§ 58.1-600 et seq.), as limited herein, generated by eligible transactions. For purposes of this chapter, "sales and use tax revenues" does not include the revenue generated by (i) the one-half percent sales and use tax increase enacted by Chapters 11, 12, and 15 of the Acts of Assembly of 1986, Special Session I, which shall be paid into the Commonwealth Transportation Fund as defined in § 33.2-1524; (ii) the one percent of the state sales and use tax revenue distributed among the counties and cities of the Commonwealth pursuant to subsection D of § 58.1-638 on the basis of school-age population; and (iii) the additional state sales and use tax in certain counties and cities assessed pursuant to Chapter 766 of the Acts of Assembly of 2013 and any amendments thereto.

"Sponsoring locality" means the participating locality in which the Facility is located.

"Sports team" means a sports franchise holder that is a part of the National Basketball Association, the National Basketball Association Development League, the Women's National Basketball Association, the National Hockey League, the American Hockey League, the ECHL, the Federal Prospects Hockey League, the Ligue Nord-Américaine de Hockey, or the Southern Professional Hockey League, and any other national sports league.

2020, cc. 538, 539.