Virginia Beach Development Authority Meeting, 3/10/2026

The Virginia Beach Development Authority (VBDA) held its monthly meeting on March 10, 2026, focusing on financial updates, contract approvals, and grant program awards. The financial report detailed cash flows, reimbursements, and capital maintenance expenditures, including payments for infrastructure projects and legal services. A significant agenda item was the approval of a $3 million settlement agreement with Venture Waves involving the transfer of city-owned property to facilitate further development and return the land to the tax roll. The board also approved a contract award of approximately $600,000 for elevator repairs at the Human Services Building, funded from the building's capital reserve. Additionally, the VBDA reviewed and approved 14 facade improvement grants totaling $112,255 to support small businesses and nonprofits in enhancing their building exteriors, reflecting an 87% increase in applications from the previous year. The meeting concluded with administrative updates and a closed session addressing prospective business developments and contract negotiations.