On Tuesday Virginia Beach City Council will consider an incredible opportunity for our region, an 18,000-seat capacity entertainment and sports arena near the oceanfront on 19th Street. The Hampton Roads Chamber of Commerce supports this proposal, even more than at the beginning of the three-year consideration process because it now involves domestic financing. We have been pleased that Council has done substantial due diligence and are proud that it has never wavered from its endorsement. We hope that will not change on Tuesday evening. Their vote has enormous potential for a positive impact in our region.
The ESG Companies, which has been an outstanding corporate citizen for decades in Hampton Roads, is taking the major risk in this venture. Nothing is guaranteed in life, but ESG has spent considerable time with independent legal and financial experts to validate their assumptions. The City has put in many hours too to ensure that the taxpayers and the city's reputation are protected. ESG and its Chicago-based investment bank are ready to go to market now to take advantage of a favorable economic climate.
Virginia Beach City Council has long been on record as wanting a modern arena for concerts, sports events, family shows and a possible site for a major league team. There will never be a better deal than the one ESG is offering. That is why we urge the Council members to vote yes on Tuesday and allow ESG to take the next critical step on its journey to bring a spectacular performance venue to our region.
Bryan K. Stephens
President & CEO
Hampton Roads Chamber of Commerce