“They're going to go someplace. Absent some kind of incentive, they're likely not to be here," Tray Adams, a lobbyist representing the team, told a panel considering the legislation.The team declined to respond to questions from The Associated Press regarding its seriousness about Virginia or its site plans.
The House and Senate passed differing versions of the measure this month with broad bipartisan support and each will now take up the other's version. Legislative leaders have said they expect the differences to be worked out by a conference committee, meaning final negotiations would happen in private.Both versions of the legislation would create a Virginia Football Stadium Authority tasked with financing the construction of a stadium and related facilities.
Both measures say the revenues may be used for any purpose the authority"deems appropriate for the facility,” including but not limited to debt service on the bonds. The legislation does not set a hard limit on the amount of taxes that can be recaptured, nor does it allocate any money.The bill's proponents say the project will result in a net benefit to the state despite the incentives.