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Development Authority reviews August financials; EDIP activity highlighted
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Summary
The authority reviewed August 2025 financial statements showing an operating account ending balance of $7.11 million, multiple construction draw payments, and EDIP/EDI grant activity including a $19.8 million reported capital spend with partial reimbursement. Staff invited questions; no changes to recommended allocations were made.
The Development Authority received a detailed accounting of August 2025 finances on Tuesday, with staff reporting operating and project account activity and updates on EDIP/EDI appropriations.
Howie, the finance presenter, said the authority's operating account began August with $7,105,813 and closed the month with an ending balance of $7,114,808 after routine receipts and disbursements. Receipts included an industrial revenue bond administration fee paid by Virginia Wesleyan University, split payments related to Sentara bonds, interest income and lease payments. Notable receipts included two open‑air café lease payments from Nando's Restaurant Group ($7,426) and Quirks Town Center ($4,619).
Significant disbursements during the month included parcel preparation for Corporate Landing Global Way phase 3 (just under $18,000), ongoing conduit management charges ($15,070), and multiple construction draws: Venture Waves (entertainment venue draw of $305,735 and off‑site infrastructure $181,646), Architectural Graphics ($282,233), Seabreezy (off‑site infrastructure payments of $1,275,497 and $919,852), and other smaller construction and maintenance payments. The human services building lease payment of $47,910 and a roof/tower replacement payment of $10,228 were also recorded.
On capital accounts, staff reported the EDIP/EDI appropriations totaled $12,166,585 on August 31. One EDIP grant recipient reported a capital investment of about $19,800,000 out of a total $49,000,000 award, representing roughly 41 percent of its award; that recipient received a reimbursement of $202,510 in August. Staff said the EDIP encumbered balance and available funds for future awards were being tracked and remain subject to city CIP accounting and appropriation as future payments are processed.
No board questions prompted changes to staff recommendations. The presentation concluded with an invitation for follow‑up questions and a summary that most activity reflected ongoing construction draws and routine account maintenance.
