- Associated Press - Wednesday, December 10, 2014

VIRGINIA BEACH, Va. (AP) - Virginia Beach’s City Council has approved the framework for an agreement to build an oceanfront arena that could accommodate a professional sports team.

The city says in a news release that the council unanimously approved a non-binding agreement called a term sheet Tuesday night.

The term sheet states that the $200 million project would be funded by private financing provided by United States Management LLC.

Virginia Beach would provide $52.6 million for infrastructure outside the area, including parking, a public plaza, and utilities such as lights, water and sewer.

United States Management would own and operate the arena.

The city says a vote on a final agreement could occur in the first quarter of 2105.

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