Virginia Beach Development Authority Meeting, 8/11/2026

The Virginia Beach Development Authority held a meeting on August 11, 2026, focusing on various procurement and economic development activities. Key procurement discussions included approval of a resolution authorizing the issuance and sale of public facility revenue bonds to support capital projects, and the award of an on-call maintenance contract for the Virginia Beach Dome with a $300,000 cap to cover capital repairs. The board also approved the sale of a nine-acre parcel in Corporate Landing Business Park to Global Links for $200,000 per acre, with plans for a $65 million investment and job creation. Additionally, a sublease approval was granted for Orca AI in the international incubator, supporting local technology development. The board reviewed and discussed updates to the small business grant program, including proposed changes to application scoring to reduce barriers for underserved businesses. An Economic Development Incentive Program (EDIP) grant of $64,000 was approved for Onyx Realty Professionals for reconstruction after fire damage, with conditions on insurance reimbursements. The meeting included financial reviews, policy discussions, and recognition of outgoing board member Penny Morgan. A closed session was held to discuss prospective business matters. Overall, the meeting emphasized contract approvals, grant allocations, capital project financing, and support for local business growth.