Virginia Beach Development Authority, 5/12/2026

The Virginia Beach Development Authority held a meeting on May 12, 2026, focusing extensively on financial reviews, capital projects, and economic development initiatives. Key procurement-related discussions included approval of an extension for a property purchase agreement in Corporate Landing Business Park, involving a veteran-owned company planning a warehouse and manufacturing facility. The Authority also approved Economic Development Investment Program (EDIP) awards for two companies: Global Links, a data center expanding with a $33 million investment and job creation incentives totaling $800,000, and SubCraft, a maritime technology firm receiving $45,820 for capital investment and job creation. Additionally, the Authority approved a request for use of a laydown yard by the city's public utilities department and discussed the ITA master plan update, which outlined phased infrastructure improvements including road extensions and stormwater management to support industrial and sports tourism development. A resolution was passed authorizing the assignment of tourism development financing program agreements for the Cavalier Resort. The meeting also included discussions on parking policy development for VBDA assets and closed session deliberations on public contracts and prospective business expansions.