$83 million performance venue pitched for Historic Triangle
It's June 10. The group that runs the new sports and events center saw plans for an $83 million live performance venue. CW's 250th anniversary bash should surpass previous years' attendance.
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Fresh from the inauguration of its $80 million sports and events center, the agency that sponsored it is looking at an adjacent $83 million live performance center.
As with the sports center, consultants say the performance venue would generate new tax revenue for the three localities that are members of the Historic Triangle Recreational Facilities Authority, as well as local business.
Williamsburg, James City County and York County could get $1.51 million in annual tax revenue if the performance venue generated at least 12 annual events that lasted three days each, according to a projection from the Victus consulting group presented at the authority’s meeting Wednesday.
Out of town visitors would spend four to 10 times as much on local hotels, restaurants and businesses, according to the consultant.
The live performance center would have a 68,000 square foot indoor performance center and a 90,000 square foot outdoor amphitheater that together could hold up to 7,700 people, according to the proposal.
Its operating budget, Victus estimated, would generate about a quarter of a million dollars in operating profit a year. According to our calculations, that would not come close to meeting the cost of financing the venue.
Williamsburg is paying 64% of the construction costs of the new sports and events center, and HTRFA is responsible for the rest, about $1.5 million a year. The two counties agreed to contribute up to $800,000 a year for 30 years. The facility uses land leased from Colonial Williamsburg.
Williamsburg has been an enthusiastic proponent of the venue. James City and York counties have not said that they are on board with the idea.
Under HTRFA’s bylaws, a majority of the six board members must approve a new project, and at least one member from each locality must vote in favor.
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