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Authority grants two‑year EDIP extension to veteran‑owned firm building headquarters
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Summary
The board approved a two‑year extension to the EDIP performance period for BMDK (BMK) Holdings LLC, a service‑disabled veteran‑owned business planning a 39,000 sq ft headquarters in Corporate Landing; staff cited funding delays and said construction financing was secured about five months earlier.
The Development Authority approved a two‑year extension to the EDIP performance period for BMDK (referred to in the meeting as BMK) Holdings LLC to allow the company additional time to begin its headquarters construction in Corporate Landing.
Ysan, the staff presenter, said the company is a service‑disabled veteran‑owned small business that assembles and distributes medical supplies, currently employs about 20 people in Virginia Beach, and plans a 39,000 square‑foot corporate headquarters. The board previously approved a $169,000 ADIP grant tied to a projected $6.95 million capital investment and creation of 20 jobs at an average reported salary of $65,000.
Staff explained the company faced delays in securing construction financing when a previous lender changed underwriting criteria; financing was secured approximately five months ago with First Service Bank, and site work began in recent months. Given those delays, the company requested a two‑year extension of the performance period to complete required obligations. Board members moved, seconded and unanimously approved the extension.
