04202010 ECONOMIC VITATLITY PRESENTATIONEconomic Vitality
Capital Improvement Program
April 20, 2010
Economic Vitality CIP Protect Types
FY 2010-11
Maintenance
New Facilities (1), $150,000
M1 Cn 2A4 CCG i
~ilitation
300,000
Six Year Plan
New Facilities
~ilitation
,050,000
Acquisition (1),
$90,000,000
2
(1), $15,000,000
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Economic Vitality CIP Development
Strate~v
- Site acquisition: The State provides $7.5 million, and the city
matches.
- New facility acquisition funding, for two projects: Economic
Development Investment Program (EDIP) and SGA. EDIP is
funded with a 12 cent per pack dedicated cigarette tax
funding stream.
- Maintenance: The amphitheater is 15 years old and is
requiring some maintenance.
- Rehabilitation is funded utilizing Parking Enterprise Fund
revenues.
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Hi~hli~hted Economic Vitality Proiects
- 9-060 Oceana & Interfacility Traffic Area Conformity &
Acquisition supports the BRAC suggestion to modify APZ-1
density.
- 9-500 Virginia Beach Amphitheater Capital Maintenance
meets the Virginia Beach Development Authority
amphitheater maintenance agreement to fund 56.5% of
capital maintenance costs.
- 9-081 Strategic Growth Area Projects s u p p o rt t h e
Comprehensive Plan and City Council's Vision.
- 9-141 Economic Development Investment Program supports
the City Council goal of Growing the Economy and the
economic development strategic plan.
- 9-082 Oceanfront Garages Capital Maintenance allows for
needed 9t"and 31St St. garage maintenance repairs.
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