                                 CODE OF VIRGINIA

ENTITLEMENT TO TAX REVENUES DERIVED FROM THE OPERATION OF FACILITIES (§
15.2-5933)

A. 1. Upon execution of a binding development agreement for a sports or
entertainment project, the City of Virginia Beach shall be entitled, subject to
appropriation, to sales and use tax revenues defined in this chapter. The State
Comptroller shall remit such sales and use tax revenues to the City of Virginia
Beach on a quarterly basis, subject to such reasonable processing delays as may
be required by the Department of Taxation. The State Comptroller shall make such
remittances to the City of Virginia Beach, as provided herein, notwithstanding
any provisions to the contrary in the Virginia Retail Sales and Use Tax Act (§
58.1-600 et seq.).

   2. Any entitlement of the City of Virginia Beach to receive sales and use tax
   revenues pursuant to the provisions of this chapter shall expire on July 1
   following the twentieth anniversary of the completion of construction of the
   sports or entertainment project.

B. The local governing body of the City of Virginia Beach may, by ordinance or
resolution, fix and revise from time to time and charge and collect rates,
rents, fees, ticket surcharges, or other charges for a sports or entertainment
project and any temporary sports or entertainment project developed under the
provisions of this chapter.

C. If a sports and entertainment project qualifies for entitlement to sales and
use tax revenues pursuant to the provisions of &#xA7; 58.1-3851.1 or
58.1-3851.2, the City of Virginia Beach shall remain eligible to receive sales
and use tax revenues pursuant to the provisions of this chapter; however, the
amount received pursuant to this chapter shall be reduced by the amount received
pursuant to the provisions of &#xA7; 58.1-3851.1 or 58.1-3851.2.

HISTORY: 2019, c. 793; 2020, c. 467.