VIRGINIA BEACH, Va. (WVEC) -- New updates were presented Tuesday for the possible Virginia Beach Arena.

The developer of the proposed arena told Virginia Beach city council that the bank that will fund the project is a U.S. based bank, and not a Chinese bank.

According to United States Management, "BC Ziegler and Company" have committed $200 million in financing.

Would you like to tell the city how you feel about the possible arena? Tuesday, June 5 the public will get a chance to weigh in on the plans.

A vote is set for July 12. If the vote passes, ground breaking will happen this year.

The grand opening is planned for 2018.