Richmond, City of; arena and development project.

City of Richmond; arena and development project.Grants the City of Richmond certain powers relating to constructionof an arena and development project and any related facilities. Amongthose powers is the authority to receive state sales and use taxrevenue that is attributable to such project and use such revenueto repay such bonds. The bill provides that the City of Richmond'sentitlement to revenue shall expire on the earlier of the date ofthe final payment of any bonds issued to finance or refinance any cost of the project or 35 years from the initial date that any bondswere issued to pay any cost of the project. The powers granted bythe bill to the City of Richmond are similar to those granted tothe City of Virginia Beach with respect to a sports or entertainmentproject.