10252011 DEVELOPMENT AUTHORITY PRESENTATIONTransfer of Property to the City of
Virginia Beach Development
Authority for Potential Future
Development
Steve Herbert, Deputy City Manager
John Richardson, Chair, Development
Authority
Background –
Council Resolutions for
Headquarters Hotel and Dome Site
City Council has requested the City of Virginia
?
Beach Development Authority (the “Authority”)
explore two potential development projects
within the City of Virginia Beach.
Resolutions adopted July 17, 2007
?
Development of an entertainment venue at the former Dome Site
?
(the “Dome Site”).
Evaluate proposals for a headquarters hotel adjacent to the
?
Virginia Beach Convention Center (the “Hotel”).
Projects have continued to be priorities for
?
Council
2
Selection Process
The Authority issued its Request for Letters of Interest
?
and Qualifications seeking a developer for the Dome Site
and solicited proposals under the PPEA for a developer
for the Hotel.
The Authority interviewed potential developers for both
?
the Dome Site and the Hotel and is currently negotiating
terms of possible transactions for both projects.
The Authority has entered into an interim agreement
?
under the PPEA with Armada HofflerDevelopment
Company to further negotiations for the Hotel, and has
entered into an exclusive dealing agreement with Leisure
and Recreation Concepts, Inc. for the Dome Site.
3
Property Transfers
Parcel 1: Approximately 5.74 acres and is located in the
?
northeastern corner of the Convention Center parking
lot.
Parcel 2: Approximately 8.08 acres and consist of
?
thth
All the property between 18and 20Streets and Arctic and
?
Pacific Avenues; and
thth
The northwestern portion of the block between 17and 18
?
Streets and Arctic and Pacific Avenues
All of the property for both developments is currently
?
owned by the City.
4
Location Map
5
Authority Ownership
If a public-private partnership at either site were to be
?
approved by City Council, the Authority would be the
public entity contracting with a developer. As such, the
properties should first be transferred from the City to the
Authority.
Any partnership requires the property to be owned by the
?
Authority.
Partnership will require ownership or a long term lease to
?
secure private investment capital.
6
Authority Ownership (Con’t)
Approval of the land transfer transaction
?
requires an affirmative vote of three-
fourths of all Council members elected to
Council.
Council will have the opportunity to review
?
and approve any public-private development
utilizing this property.
7
Recommendation
Place the property transfer on the agenda for
?
a vote at the November 1 regular City Council
meeting.
8