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VBDA reviews July financials and FY24–25 annual report highlighting EDIP awards and Atlantic Park milestones
Summary
The board reviewed July operating cash flows (ending balance $7,105,813), draw/payment details for Atlantic Park and Innovation Park projects, and an annual report summarizing five EDIP awards (~$1.7M total), a $45M Acoustical Sheet Metal expansion and Atlantic Park openings.
The Virginia Beach Development Authority reviewed its July 2025 financial statements and the fiscal-year 2024–25 annual report at the Aug. 12 meeting.
Howie McEntee reported an operating beginning balance of $7,264,363 and an ending cash balance of $7,105,813 for July after receipts (including $13,110 from Atlantic Park operations) and disbursements for off-site infrastructure, professional services and capital maintenance. McEntee listed multiple draw payments and vendor payments tied to Atlantic Park, Innovation Park and Corporate Landing projects and noted a 2026 EVIP appropriation of $1,045,968 that left EDIP appropriations at $12,166,585 with $5,176,303 available for future awards.
Deputy City Manager Amanda Jarrett then summarized the BBDA annual report for the period July 1, 2024–June 30, 2025. Highlights included five EDIP awards totaling just over $1.7 million (projects cited included Born Primitive at a $14 million capital investment, Atlantic Diving and Supply near $5 million, and a forthcoming Vidar award around $3 million), the Acoustical Sheet Metal expansion ($45 million and 350 jobs), 20 facade-improvement grants totaling about $111,000 and a first-year EDIP subprogram focused on small, women- and minority-owned and veteran-owned firms.
Jarrett also highlighted Atlantic Park project milestones (the Dome and Northwest Garage openings and an upcoming Atlantic Park opening) and noted the Virginia Beach Amphitheater’s twentieth season statistics. Board members had no further comments and staff invited final tweaks to the annual report before submission to City Council.
No formal board vote on the annual report was recorded in the transcript during this session.
