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VBDA to sponsor TDFP application for Hotel Indigo conversion on Atlantic Avenue
Summary
The authority agreed to sponsor a Tourism Development Financing Program (TDFP) application for a proposed Hotel Indigo redevelopment (former Ramada) at 2809 Atlantic Ave, a $19 million project requesting $5 million gap financing; staff said the state review was favorable and the project would create new annual tax revenue.
The Virginia Beach Development Authority voted to sponsor a TDFP application and enter a performance agreement to support redevelopment of the Ramada at 2809 Atlantic Avenue into a Hotel Indigo.
Staff said the proposed project is a roughly $19 million conversion and rebrand, with renovations beginning in the fall and reopening next spring. The applicant seeks $5 million in gap financing through the state Tourism Development Financing Program (tier-one) and estimates annual new tax revenue of about $743,000 once operating as Hotel Indigo. The state tourism commission has favorably received the application and staff said the city contribution risk is limited because the program is performance-based.
The board moved and seconded the VBDA sponsorship and approved the resolution to submit the TDFP application to the state.
