VBDA accepts $5 million pass-through appropriation for Atlantic Park phase 2
The authority approved a resolution to accept and appropriate a $5,000,000 state line item passed through to Atlantic Park for Phase 2 development; staff said there is an MOU with the Secretary of Commerce and Trade and no local match is required.
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During the Sept. 8 meeting, a representative from the city/legal staff explained a $5,000,000 line item added at the state level is intended to pass through to Atlantic Park for phase 2 development. The representative described the funds as state money that the VBDA will receive and pass through to the intended recipient and noted an MOU with the Secretary of Commerce and Trade governs the reimbursement and documentation process.
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