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Home My WebLink About10112011 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