Atlantic Park Community Development Authority Meeting, 6/16/2026

The Atlantic Park Community Development Authority meeting held on June 16, 2026, focused primarily on financial and procurement matters related to the development and operation of the Atlantic Park District in Virginia Beach. Key discussions included the collection of special assessments and fees from developers, the use of the TIP fund to cover debt service payments, and the need for a pre-stabilization advance of approximately $1.2 million to cover shortfalls in the first bond year. The board considered adopting a funding plan and a special assessment roll to allocate the deficit among taxable properties in the district. Members acknowledged the economic potential of the development, including the surf park and entertainment venues, and emphasized the importance of the project as a regional attraction. The board voted unanimously to accept the preliminary financial report and impose the special assessments as proposed, with a plan to revisit the assessment in October based on updated revenue collections.