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Authority extends Forbes Candy purchase deadline, shortens post‑sale commencement period
Summary
The board approved a one‑year extension to a developer's purchase agreement to September 2026 and shortened the standard three‑year recapture/commencement window to one year to encourage faster construction. The company plans a 26,000 sq ft facility and about 10 new jobs.
The Development Authority approved an amended purchase agreement to extend the closing and shorten the post‑purchase commencement recapture period for a long‑standing Virginia Beach confectioner.
Emily Archer presented the request for the company referred to in the meeting as Forbes Candy. Staff said the company plans a 26,000 square‑foot manufacturing and headquarters facility on a 3.4‑acre Corporate Landing Business Park site, representing a proposed $6.3 million capital investment and an anticipated 10 new jobs with an average salary reported at about $39,000. The site plan is near approval and ties into the Global Way roadway under construction.
Staff said the original purchase agreement (January 2023) included a requirement to start construction within 180 days of closing; the company did not meet that deadline and previously asked for and received a nine‑month extension. The developer requested a further one‑year extension to allow time to recover business and accounts; staff recommended approving the extension but reducing the post‑purchase recapture/commencement period from three years to one year to encourage prompt initiation of construction. As a condition, the company agreed to provide a six‑month progress report early next year.
The board moved, seconded and voted unanimously to approve the one‑year extension (new closing period extending into September 2026) and to amend the recapture window to one year after purchase.
