Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance topic
No spam. Unsubscribe anytime.
VBDA reviews November finances, details EDIP awards and remaining funds
Summary
At its Dec. 9 meeting the Virginia Beach Development Authority reviewed November financials — reporting receipts tied to a land sale and several construction disbursements — and summarized two recent EDIP awards that reduced available EDIP funds, leaving roughly $5.54 million available for future use as reported.
The Virginia Beach Development Authority on Dec. 9 reviewed its November 2025 financial statements and summarized recent Economic Development Investment Program (EDIP) awards that reduced the authority's available grant funds.
In a presentation to the board, a finance staff member reported an operating beginning cash balance for Nov. 1 of $7,581,234 and receipts of $2,366,041 “for the sale of approximately 21 acres in Innovation Park … sold to Acoustical Sheet Metal.” The presenter also reported $10,596 in interest income and listed routine disbursements for planning, inspections and professional services. He said the ending cash balance on Nov. 30 was reported as $10,39,942.
The staff member outlined reimbursements the authority advanced and later recovered from the city, including $889,861 for an Atlantic Park draw and $577,355 for Innovation Park off-site construction (draw request 23). Small-business grant and façade-improvement payments paid several local businesses modest amounts; the presenter said the small-business grant program had an ending balance of $461,875.
On EDIP awards, staff said an award to Groundworks (reported in October) anticipated 75 jobs at an average salary of $114,867 and a proposed capital investment of $3,870,000, with a possible total EDIP payout of $39,800. In November, the authority awarded Gov Solutions an EDIP award tied to an anticipated seven jobs at an average salary of $91,560 and a proposed $4,650,000 capital investment; the possible EDIP payout noted was $193,000. After these awards, staff reported $5,623,134 encumbered under EDIP part A and available EDIP grant funds of $5,542,781 as of Nov. 30.
Why it matters: EDIP awards are a primary mechanism the authority uses to support local capital investment and job creation. The presentation consolidated project-level details and current balances the authority said will guide future award decisions.
The board asked no substantive changes to the financial report before moving on to the rest of the agenda.
