Virginia Beach Development Authority Meeting, 6/9/2026

The Virginia Beach Development Authority (VBDA) held a meeting on June 9, 2026, focusing extensively on procurement, budget approvals, and economic development initiatives. Key procurement-related discussions included approval of the fiscal year 2027 budget, which detailed operating revenues, expenses, and capital projects such as the dome by Rudder Mills, Innovation Park, and Corporate Landing. The board approved several Economic Development Incentive Program (EDIP) awards, including $75,000 to Oregon Construction Court and $155,000 to Virginia Wesleyan University for capital investments and job creation. Additionally, the VBDA authorized a five-year option agreement with Dominion Energy for 32 acres in Corporate Landing, with a purchase price of $200,000 or greater based on appraisal. The meeting also covered approval of a $1.9 million city contribution for pre-development of a public parking garage at the Oceanfront, and a $25,000 facade improvement grant for a business on Atlantic Avenue. Other procurement actions included approval of a one-year lease extension for NOS Corporation of America in the international incubator and authorization of serviceability improvements to the dome by Rudder Mills. Motions related to these contracts, grants, and budget items were passed with some abstentions noted.