Virginia Beach Development Authority Meeting, 9/8/2026

The Virginia Beach Development Authority held a meeting on September 8, 2026, focusing on several procurement and grant-related matters. Key agenda items included approval of a matching grant resolution for a local farm's food processing facility, with a total grant amount of $48,498, and the approval of an Economic Development Investment Program (EDIP) grant of $42,000 to SACRA LLC for a professional services campus development. The Authority also approved the purchase agreement of a 16-acre parcel by TST Defense in Corporate Landing Business Park, involving a cost participation agreement for constructing a stormwater pond with a budget not to exceed $1.5 million. Additionally, a $7,989 grant was approved under the Atlantic Avenue grant program for facade improvements to a local business. The meeting included financial updates on cash flows, reimbursements, and capital maintenance accounts, as well as acceptance of a $5 million state appropriation for Atlantic Park development. The session concluded with a closed meeting to discuss contracts, legal matters, and prospective business discussions.