Virginia Beach Development Authority, 7/14/2026

The Virginia Beach Development Authority held a meeting on July 14, 2026, focusing extensively on financial reviews, bond issuances, and grant program updates. Key procurement-related discussions included the approval of a revenue bond issuance for the substantial rehabilitation of Victoria Place Apartments, enabling tax-exempt financing to support affordable housing renovations. The Authority also approved amendments to the Attainable Workforce Housing Performance Grant Program to align with new state legislation, including setting a not-to-exceed grant amount and adjusting grant calculations based on project affordability and residential composition. Additionally, the Atlantic Avenue grant program was amended to lower the minimum matching grant amount from $10,000 to $5,000 to encourage greater business participation. The Authority approved an Economic Development Investment Program (EDIP) Part A grant award of $16,000 to CL Klet's Enterprises for capital investment and workforce development. A significant capital improvement project discussed was the proposed sale and revitalization of the Virginia Beach National Golf Course, including a $38 million investment plan for golf course renovations and mixed-use housing development, with a request for a $1.8 million contribution from the Authority. The meeting also included approval of a two-year sublease agreement for international incubator office space to Aapuloka, a Norwegian company planning to establish a sales office and future manufacturing in Virginia Beach. Several motions related to these procurement and funding decisions were passed unanimously, with some abstentions noted due to conflicts of interest. The meeting concluded with a closed session to discuss prospective business expansions and real property negotiations.