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Authority approves multiple EDIP awards, Atlantic Avenue grants and incubator subleases
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Summary
At its April 14 meeting the Virginia Beach Development Authority approved two EDIP part A awards (OneSpace Architects, PT2Go), authorized four Atlantic Avenue façade grants totaling $77,833, and approved two international incubator subleases, including Luna's Light; one member abstained on a sublease vote due to a disclosed firm relationship.
The Virginia Beach Development Authority approved a series of economic-development measures at its April 14 meeting, including two EDIP part A awards, four Atlantic Avenue façade grants and two subleases for the Virginia Beach International Incubator.
Howie, the authority’s finance presenter, confirmed that the authority’s EDIP appropriation stands at $11,857,209 and that recent grant closures increased availability for future awards. During the meeting the board approved an EDIP part A award for OneSpace Architects and an EDIP part A award for PT2Go after staff presented project investment and job-creation details.
On small-business façade funding, the authority approved four Atlantic Avenue AAG (Atlantic Avenue Grama) awards that staff recommended after reviewing applications. Eric Severn, presenting the AAG program, said the four recommended applications represent an estimated private investment of $157,166 and requested grant awards totaling $77,833. The applicants recommended for awards were The Cutty Sark at 3614 Atlantic Avenue, Oceanfront Inn at 2901 Atlantic Avenue, the Hilton Virginia Beach Oceanfront at 3001 Atlantic Avenue, and The Shack on 8th at 712 Atlantic Avenue. The board approved the resolution authorizing the four awards on a voice vote.
The board also approved two subleases for the Virginia Beach International Incubator. Staff recommended a membership sublease to Luna's Light, a Taiwan-headquartered CNC manufacturer that will use shared space in May as a soft-landing sales office. During the Luna’s Light vote, a member disclosed a business relationship and abstained: "my firm is doing work for this company, so I will be abstaining from the vote," the member said. The motion to approve the sublease passed. The board also approved a recommendation to sublease a private office to a Germany-headquartered company identified in the presentation as Mayer (headquartered in Baden-Württemberg) for up to two years.
All formal approvals on the consent and incentive items were taken by voice vote after motions, seconds and the chair’s call for "aye." No roll-call tallies were read into the public record for those items.
Next steps: the authority’s financial briefing and staff reports will accompany the formal resolutions and contracts for administrative processing; staff noted that some reimbursements and contract terms remain subject to city CIP reimbursements and subsequent administrative actions.
