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VBDA authorizes sale/transfer of land to TST Tactical Defense Solutions and approves EDIP support
Summary
The authority approved authorizing a sale or transfer of about 16 acres to TST Tactical Defense Solutions, outlined two compensation options (cash at $200,000 per usable acre or a construction-credit 'pond B' option) and approved $58,000 in EDIP part A funds to support the expansion and job creation the company proposed.
The Virginia Beach Development Authority on Dec. 9 adopted a resolution authorizing the sale or transfer of roughly 16 acres (staff said only about five acres are developable) to TST Tactical Defense Solutions and separately approved an EDIP part A award.
Staff described two options: an outright sale at $200,000 per usable acre or a plan-B option under which the authority would accept construction of a stormwater pond ("Pond B") by TST in lieu of part or all of the cash payment, with the pond to be designed by VHB and constructed by TST at an agreed price. Staff emphasized that if the credit option is chosen, the authority would return with firm pond pricing for a public vote approving the credit.
Staff presented TST's proposed investment profile, saying the company anticipated creating 135 new jobs with an average salary of $88,222 and proposed roughly $7.75 million in capital investment including building construction and equipment. After discussion the board approved a resolution authorizing the sale/transfer and a separate resolution awarding $58,000 in EDIP part A funds to TST.
Ryan Turner, identified as CEO/CFO of the company, spoke briefly after the vote and said the company has expanded since 2014 and "we're at 150 plus employees," thanking the board for the opportunity.
Why it matters: The transaction is intended to support local business expansion and job creation. Staff noted the sale/credit structure is intended to be transparent to the public by documenting either a cash sale or a credit-for-construction exchange and returning with final cost estimates if the credit option is selected.
Representative quote: Ryan Turner said, "Really appreciate the opportunity. Um we started in 2014 ... and now we're at 150 plus employees."
