USM, City Release Details of Term Sheet for Virginia Beach Arena Construction and Operation

USM, City Release Details of Term Sheet for Virginia Beach Arena Construction and Operation
Public Hearing, Town Hall Meeting Scheduled for Early December to Solicit Public Opinion on Privately Financed Attraction to be Sited Across from Citys Convention Center

The City of Virginia Beach and United States Management have reached agreement on comprehensive terms spelling out the details of the roles of the public and private sectors in the construction of a major entertainment and sports arena on 19th Street.

USM, one of the Virginia Beach-based ESG Companies, would own the $200-million facility to be built on city-owned land across from the Virginia Beach Convention Center.

Upcoming public outreach events include:

- Public Hearing before City Council December 2 at 6pm, in Council chambers

- Arena Town Hall Meeting December 3 from 6:30pm to 8pm in the Convention Center

 The City Council may vote on the term sheet as early as December 9th.

For a full update on the arena project, visit http://www.esgco.com/news-and-press-releases/2014/11/details-of-arena-terms-released/

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