10112011 VBDA ANNUAL REPORTCity of Virginia Beach Development Authority Annual City of Virginia Beach Development Authority Annual City of Virginia Beach Development Authority Annual City of Virginia Beach Development
Authority Annual City of Virginia Beach Development Authority Annual City of Virginia Beach Development Authority Annual City of Virginia Beach Development Authority Annual City of Virginia
Beach Development Authority Annual
ReportReportReportReportReportReportReportReport
Mission: To facilitate the expansion of the tax base and employment opportunities in the City Mission: To facilitate the expansion of the tax base and employment opportunities in the
City
through increased business development and redevelopment.through increased business development and redevelopment.
LEADERSHIP and TEAMWORKLEADERSHIP and TEAMWORK
Results 2010/2011:
--of-62% New Prospects from out-108 New Prospects-47 Marketing Events-2,106 new jobs-$175 million in Capital Investment (258% Increase from last year)-78% Located Prospects within Target
Industry Sectors-area-of-62% New Prospects from out-108 New Prospects-47 Marketing Events-2,106 new jobs--area108 New Prospects-47 Marketing Events-2,106 new jobs-$175 million in Capital
Investment (258% Increase from last year)-78% Located Prospects within Target Industry Sectors-area-of-62% New Prospects from out
-
$175 million in Capital Investment (258% Increase from last year)$175 million in Capital Investment (258% Increase from last year)
-
2,106 new jobs
-
47 Marketing Events
-
108 New Prospects
-
62% New Prospects from out-of--area
-
78% Located Prospects within Target Industry Sectors78% Located Prospects within Target Industry Sectors
Largest Projects for the YearLargest Projects for the Year
LifeNet Health $21,000,000LifeNet Health $21,000,000LifeNet Health $21,000,000LifeNet Health $21,000,000LifeNet Health $21,000,000LifeNet Health $21,000,000LifeNet Health $21,000,000LifeNet
Health $21,000,000
Urology of Virginia $11,500,000Urology of Virginia $11,500,000Urology of Virginia $11,500,000Urology of Virginia $11,500,000Urology of Virginia $11,500,000Urology of Virginia $11,500,000Urology
of Virginia $11,500,000Urology of Virginia $11,500,000
Existing Business Initiatives and AccomplishmentsExisting Business Initiatives and Accomplishments
675 Existing Business Visits675 Existing Business Visits675 Existing Business Visits675 Existing Business Visits675 Existing Business Visits675 Existing Business Visits675 Existing Business
Visits675 Existing Business Visits
47 Existing Firms expanded, 100 more plan an expansion within the next year47 Existing Firms expanded, 100 more plan an expansion within the next year47 Existing Firms expanded, 100
more plan an expansion within the next year47 Existing Firms expanded, 100 more plan an expansion within the next year47 Existing Firms expanded, 100 more plan an expansion within the
next year47 Existing Firms expanded, 100 more plan an expansion within the next year47 Existing Firms expanded, 100 more plan an expansion within the next year47 Existing Firms expanded,
100 more plan an expansion within the next year
Mayor’s Roundtable Events, Maritime Event, 4th Annual Charity Golf TournamentMayor’s Roundtable Events, Maritime Event, 4th Annual Charity Golf TournamentMayor’s Roundtable Events, Maritime
Event, 4th Annual Charity Golf TournamentMayor’s Roundtable Events, Maritime Event, 4th Annual Charity Golf TournamentMayor’s Roundtable Events, Maritime Event, 4th Annual Charity Golf
TournamentMayor’s Roundtable Events, Maritime Event, 4th Annual Charity Golf TournamentMayor’s Roundtable Events, Maritime Event, 4th Annual Charity Golf TournamentMayor’s Roundtable
Events, Maritime Event, 4th Annual Charity Golf Tournament
Financial Accomplishments:Financial Accomplishments:
Virginia Beach National Golf Course: Received Virginia Beach National Golf Course: Received
revenue bonds to LifeNet Health and Our Lady at 45 cent per assessed value.$2.05 million budget with the tax rate remaining Town Center Special Services District (SSD): taxes generated.$155,000
in rental income in addition to the Virginia Beach National Golf Course: Received Financial Accomplishments:of Perpetual Help.revenue bonds to LifeNet Health and Our Lady at 45 cent
per assessed value.$2.05 million budget with the tax rate remaining Town Center Special Services District (SSD): taxes generated.$155,000 in rental income in addition to the Virginia
Beach National Golf Course: Received Financial Accomplishments:of Perpetual Help.
$155,000 in rental income in addition to the $155,000 in rental income in addition to the
taxes generated.taxes generated.
Town Center Special Services District (SSD): Town Center Special Services District (SSD):
$2.05 million budget with the tax rate remaining $2.05 million budget with the tax rate remaining
at 45 cent per assessed value.at 45 cent per assessed value.
Issued more than $42 million in industrial Issued more than $42 million in industrial
Issued more than $42 million in industrial Issued more than $42 million in industrial
revenue bonds to LifeNet Health and Our Lady revenue bonds to LifeNet Health and Our Lady
of Perpetual Help.of Perpetual Help.
Economic Development Investment ProgramEconomic Development Investment Program
-new jobs. approved total of -Fiscal Year 2010/2011in new capital investment.Resulting in 28,141 new jobs and $1,219,467,703 Since 1994, 144 grants totaling $30,578,078.Economic Development
Investment Program investment and for every $500 in EDIP funds one job is created.)(For every $1 of EDIP funds yields $33 in Private new jobs. $25,095,145 new capital investment and
1,424 approved total of -Fiscal Year 2010/2011in new capital investment.Resulting in 28,141 new jobs and $1,219,467,703 Since 1994, 144 grants totaling $30,578,078.Economic Development
Investment Program investment and for every $500 in EDIP funds one job is created.)(For every $1 of EDIP funds yields $33 in Private new jobs. $25,095,145 new capital investment and
1,424 approved total of
Since 1994, 144 grants totaling $30,578,078.Since 1994, 144 grants totaling $30,578,078.
Resulting in 28,141 new jobs and $1,219,467,703 Resulting in 28,141 new jobs and $1,219,467,703
in new capital investment.in new capital investment.
Fiscal Year 2010/2011Fiscal Year 2010/2011-approved total of
$775,000 in EDIP Grant Funds, resulting in $775,000 in EDIP Grant Funds, resulting in
$775,000 in EDIP Grant Funds, resulting in $775,000 in EDIP Grant Funds, resulting in
$25,095,145 new capital investment and 1,424 $25,095,145 new capital investment and 1,424
new jobs.
(For every $1 of EDIP funds yields $33 in Private (For every $1 of EDIP funds yields $33 in Private
investment and for every $500 in EDIP funds one job is created.)investment and for every $500 in EDIP funds one job is created.)
Oceana Land Use
Conformity Program
awarded $1.1 million in removed.commercial properties nonconforming To date, 29 Conformity ProgramOceana Land Use Year.Base Community of the Communities as Active Association of Defense
City Named by the incentive funds.
To date, 29
nonconforming
commercial properties
removed.
19 qualifying companies
19 qualifying companies
awarded $1.1 million in
incentive funds.
City Named by the
Association of Defense
Communities as Active
Base Community of the
Year.
TOWN CENTERTOWN CENTER
TOWN CENTERTOWN CENTER
As of July 1, 2011, the total taxable real estate within the As of July 1, 2011, the total taxable real estate within the As of July 1, 2011, the total taxable real estate within the
As of July 1, 2011, the total taxable real estate within the As of July 1, 2011, the total taxable real estate within the As of July 1, 2011, the total taxable real estate within the
As of July 1, 2011, the total taxable real estate within the As of July 1, 2011, the total taxable real estate within the
TIF was assessed at $724,845,800TIF was assessed at $724,845,800TIF was assessed at $724,845,800TIF was assessed at $724,845,800TIF was assessed at $724,845,800TIF was assessed at $724,845,800TIF
was assessed at $724,845,800TIF was assessed at $724,845,800
Workforce DevelopmentWorkforce Development
Workforce DevelopmentWorkforce Development
VBDA Workforce Liaison Committee, meeting regularly VBDA Workforce Liaison Committee, meeting regularly VBDA Workforce Liaison Committee, meeting regularly VBDA Workforce Liaison Committee,
meeting regularly VBDA Workforce Liaison Committee, meeting regularly VBDA Workforce Liaison Committee, meeting regularly VBDA Workforce Liaison Committee, meeting regularly VBDA Workforce
Liaison Committee, meeting regularly
with Virginia Beach Companies.with Virginia Beach Companies.with Virginia Beach Companies.with Virginia Beach Companies.with Virginia Beach Companies.with Virginia Beach Companies.with
Virginia Beach Companies.with Virginia Beach Companies.
4,164 industry recognized certifications thru Career and 4,164 industry recognized certifications thru Career and 4,164 industry recognized certifications thru Career and 4,164 industry
recognized certifications thru Career and 4,164 industry recognized certifications thru Career and 4,164 industry recognized certifications thru Career and 4,164 industry recognized
certifications thru Career and 4,164 industry recognized certifications thru Career and
Technical Education. Technical Education. Technical Education. Technical Education. Technical Education. Technical Education. Technical Education. Technical Education.
Workforce Development Room at ATC used 162 days by Workforce Development Room at ATC used 162 days by Workforce Development Room at ATC used 162 days by Workforce Development Room at
ATC used 162 days by Workforce Development Room at ATC used 162 days by Workforce Development Room at ATC used 162 days by Workforce Development Room at ATC used 162 days by Workforce
Development Room at ATC used 162 days by
Virginia Beach Businesses. Virginia Beach Businesses. Virginia Beach Businesses. Virginia Beach Businesses. Virginia Beach Businesses. Virginia Beach Businesses. Virginia Beach Businesses.
Virginia Beach Businesses.
Small, WomenSmall, Women-Owned and
plan writing.Beach residents on business counseling and business Beach residents on business counseling and business In partnership with SCORE, working with 400 Virginia In partnership
with SCORE, working with 400 Virginia providing 142 Entrepreneurs with direct support.providing 142 Entrepreneurs with direct support.Supporting the Small Business Development Center
Supporting the Small Business Development Center new capital investment.new capital investment.Technologies, and InMotion Hosting totaling $2.1 million Technologies, and InMotion Hosting
totaling $2.1 million Expansions of Klett Consulting Group, Turner Strategic Expansions of Klett Consulting Group, Turner Strategic plan writing.plan writing.Beach residents on business
counseling and business Beach residents on business counseling and business In partnership with SCORE, working with 400 Virginia In partnership with SCORE, working with 400 Virginia
providing 142 Entrepreneurs with direct support.providing 142 Entrepreneurs with direct support.Supporting the Small Business Development Center Supporting the Small Business Development
Center Owned and -new capital investment.new capital investment.Technologies, and InMotion Hosting totaling $2.1 million Technologies, and InMotion Hosting totaling $2.1 million Expansions
of Klett Consulting Group, Turner Strategic Expansions of Klett Consulting Group, Turner Strategic plan writing.
Minority FirmsMinority Firms
Supporting the Small Business Development Center Supporting the Small Business Development Center Supporting the Small Business Development Center Supporting the Small Business Development
Center
providing 142 Entrepreneurs with direct support.providing 142 Entrepreneurs with direct support.providing 142 Entrepreneurs with direct support.providing 142 Entrepreneurs with direct
support.
In partnership with SCORE, working with 400 Virginia In partnership with SCORE, working with 400 Virginia In partnership with SCORE, working with 400 Virginia In partnership with SCORE,
working with 400 Virginia
Beach residents on business counseling and business Beach residents on business counseling and business Beach residents on business counseling and business Beach residents on business
counseling and business
plan writing.plan writing.plan writing.plan writing.
Expansions of Klett Consulting Group, Turner Strategic Expansions of Klett Consulting Group, Turner Strategic Expansions of Klett Consulting Group, Turner Strategic Expansions of Klett
Consulting Group, Turner Strategic
Technologies, and InMotion Hosting totaling $2.1 million Technologies, and InMotion Hosting totaling $2.1 million Technologies, and InMotion Hosting totaling $2.1 million Technologies,
and InMotion Hosting totaling $2.1 million
new capital investment.new capital investment.new capital investment.new capital investment.
VIRGINIA BEACH
--of Live Nation’s highestConsistently ranks as one -since 1996.in direct revenue for the city Generated over $17.5 million -ticketsselling more than 4 million 400 concerts, -Since 1996
AMPHITHEATER
A CASE STUDY
IN SUCCESS
-
Consistently ranks as one
of Live Nation’s highest-
performing outdoor venues
performing outdoor venues
-
Since 1996 -400 concerts,
selling more than 4 million
tickets
-
Generated over $17.5 million
in direct revenue for the city
since 1996.
US/Japan Conference, Poland Missions, Marketing Headquarters/Outreach 47 E-ddd-ddddfdfd-including:Brazil SeminarsEvent, and Business invest in America France Hannover Messe Trade Fair,
Commerce meetings, American Chamber of -Brazil
Marketing Efforts for 2010/2011Marketing Efforts for 2010/2011
Israel
Headquarters/Outreach
Brazil
Missions, Marketing
Missions, Southeast
Missions, Southeast
US/Japan Conference,
Brazil-American Chamber of
UK
FranceFrance
Commerce meetings,
-
47 Events
Hannover Messe Trade Fair,
invest in America France
Event, and Business
Seminars
Germany
Poland
Marketing Efforts
Marketing EffortsMarketing EffortsMarketing Efforts
Marketing Efforts
Marketing EffortsMarketing EffortsMarketing Efforts
Recent Accolades
the Top 20 College Sept 2011.Best City by Bloomburg, Virginia Beach ranked 8th -promise.People by America’s Communities for Young Virginia Beach named one -Destinations 2011.
-
Virginia Beach ranked 8th
Best City by Bloomburg,
Sept 2011.
-
Virginia Beach ranks within
-Virginia Beach ranks within
the Top 20 College
Destinations 2011.
-
Virginia Beach named one
of the Nation’s Best
Communities for Young
People by America’s
promise.
Next StepsNext Steps
New Marketing Initiatives: New Marketing Initiatives: New Marketing Initiatives: New Marketing Initiatives:
New Marketing Initiatives: New Marketing Initiatives: New Marketing Initiatives: New Marketing Initiatives:
Next StepsNext Steps
Target Industry UpdateTarget Industry UpdateTarget Industry UpdateTarget Industry Update
Target Industry UpdateTarget Industry UpdateTarget Industry UpdateTarget Industry Update
CHALLENGESCHALLENGES
EDIP Long--EDIP LongEDIP LongReduced Funding in Operating Budget for DepartmentReduced Funding in Operating Budget for DepartmentVSBFA Financing Bond Fee IssueVSBFA Financing Bond Fee
IssueLand and Building InventoryLand and Building Inventoryterm source of revenue?term source of revenue?--EDIP LongEDIP LongReduced Funding in Operating Budget for DepartmentReduced
Funding in Operating Budget for DepartmentVSBFA Financing Bond Fee IssueVSBFA Financing Bond Fee IssueLand and Building InventoryLand and Building Inventoryterm source of revenue?term
source of revenue?--EDIP Long
VSBFA Financing Bond Fee IssueVSBFA Financing Bond Fee IssueVSBFA Financing Bond Fee IssueVSBFA Financing Bond Fee Issue
Reduced Funding in Operating Budget for DepartmentReduced Funding in Operating Budget for DepartmentReduced Funding in Operating Budget for DepartmentReduced Funding in Operating Budget
for Department
EDIP LongEDIP Long--term source of revenue?term source of revenue?term source of revenue?term source of revenue?
Land and Building InventoryLand and Building InventoryLand and Building InventoryLand and Building Inventory
QuestionsDownload the report QuestionsDownload the report
QuestionsQuestions
Download the report Download the report
www.yesvirginiabeach.comwww.yesvirginiabeach.com
www.yesvirginiabeach.comwww.yesvirginiabeach.com