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Home My WebLink AboutII. B. FY 2024- 25 RESOURCE MANAGEMENT PLAN( BUDGET) 10. ECONOMIC AND TOURISM DEVELOPMENT CIP 4.23.24FY 2024-25 to FY 2029-30 Capital Improvement Program Economic & Tourism Development Emily Archer, Project Development Administrator April 23, 2024 Economic & Tourism Development CIP Overview •Total of 34 Projects •33 active projects with no change •1 project funded in previous years with modifications •3 unfunded requests 2 Projects With No Change Project Council District Appropriation s to Date FY25 Budget FY26-30 Budget Total Balance to Complete 100002 - 17th St Improvements Phase 2 5,6 $293,630 $293,630 $48,587,370 100630 - 17th St Regional Stormwater Management facility 6 $2,770,000 $25,930,000 28,700,000 100300 - Atlantic Ave Street Improvements 5,6 $22,900,000 $11,000,000 $14,200,000 $48,100,000 100145 - Atlantic Park Acquisition 6 $9,194,182 $9194,182 100146 - Atlantic Park Entertainment Venue 6 $54,997,614 $54,997,614 100147 - Atlantic Park Parking 6 $45,950,000 $45,950,000 100148 - Atlantic Park Streetscapes 6 $6,000,000 $6,000,000 100606 - Atlantic Park Offsite Infrastructure 6 $36,567,955 $36,567,955 100286 - Oceanfront Restrooms 5,6 $2,833,484 $2,833,484 100631 - Resort Area Site Acquisition 5,6 $12,900,000 $12,900,000 100059 - Resort Parking District 5,6 $26,125,000 $26,125,000 100629 - Sports Tourism Infrastructure Citywide $6,921,100 $12,578,900 $19,500,000 100628 - Visitor Information Services 5,6 $1,000,000 $1,000,000 Tourism Investment Program (TIP)3 Projects With No Change City Funding Partial Federal/State Funding Project Council District Appropriations to Date FY25 Budget FY26-30 Budget Total Balance To Complete 100639 - Cape Henry Lighthouse Restoration 6 $1,918,119 $1,918,119 100251 - London Bridge Commerce Center 6 $3,895,100 $3,895,100 100282 - Oceana & ITA Conformity & Acquisition II 2,3,5,6 $8,067,649 $574,668 $5,000,000 $13,642,317 100048 – Burton Station Road Improvements III 4 $14,491,465 $3,120,000 $17,611,465 100575 - 31st St Stage Canopy 6 $3,128,720 $3,128,720 100014 - APZ-1 Economic Incentives Citywide $1,857,692 $1,857,692 100635 - Corporate Landing Business Park 5 $10,000,000 $10,000,000 $6,500,000 100666 – Dam Neck Road - London Bridge Connector Improvements 5 $22,500,000 $22,500,000 100262 – Lynnhaven Parkway Corridor Improvements 3 $5,775,000 $5,775,000 100459 - ViBe District Infrastructure 5,6 $10,811,046 $10,811,046 100576 – VA Beach Innovation Park Infrastructure II 2 $18,659,000 $18,659,000 4 Projects With No Change Cont. Project Council District Appropriations to Date FY25 Budget FY26-30 Budget Total 100489 - Winston Salem Avenue Improvements 5 $18,558,235 $18,558,235 100157 - Economic Development Investment Program II (EDIP)Citywide $8,340,521 $1,598,476 $6,737,664 $16,677,661 100283 - Oceanfront Capital Projects Reinvestment 5,6 $6,731,862 $600,000 3,000,000 $10,331,862 100399 - Strategic Development Projects Citywide $11,629,687 $250,000 $1,250,000 $13,129,687 100577 - Strategic Site Acquisition and Disposition Citywide $1,700,000 $1,700,000 100456 - Virginia Beach Amphitheater Capital Maintenance 2 $4,041,446 $200,000 $1,000,000 $5,241,446 100420 - Town Center Garage & Plaza Capital Maintenance II 4 $3,116,356 $352,726 $1,763,630 $5,232,712 100421 - Town Center Reinvestment 4 $900,000 $150,000 $750,000 $1,800,000 100285 - Oceanfront Parking Facilities Capital Maintenance 5,6 $5,331,269 $500,000 $2,500,000 $8,331,269 City Funding Town Center SSD Parking Enterprise Fund 5 Projects With Modifications – 17th Street Phase I Project Council Districts Appropriations to Date FY25 Budget FY26-30 Budget Total 100001-17th Street Improvements Phase I, Pacific Avenue to Cypress Avenue 5 & 6 $25,416,516 $23,426,524 $48,843,040 ▪Increase requested for escalating construction and real estate costs plus additional scope needed to meet stormwater requirements 6 Requested But Not Funded Project Council District Appropriations to Date FY25 Budget Request FY26-30 Budget Request Total Balance to Complete 100002 - 17th Street Phase II, Cypress Ave to Birdneck Road 6 $293,630 $1,000,000 $1,293,630 $48,587,370 100635 - Corporate Landing Business Park 5 $10,000 $6,500,000 $16,500,000 $6,500,000 Lishelle Place Industrial Incubator 3 $1,500,000 $1,500,000 $1,500,000 17th Street Phase II – RSWMF Coordination Corporate Landing Business Park 2656 Lishelle Place Warehouse Space 7 Projects Underway and Completed in 2023 100286 - 20th Street Restroom – Completed July 2023 100459 - 18th St. ViBe Infrastructure Improvements – Summer 2024 8 Projects Underway 100576 - Innovation Park Infrastructure – Completion Fall 2025 100575 - 31st St Canopy Construction – Completion May 2024 9 Projects Underway - Atlantic Park 100147 - Atlantic Park Parking Garages – Completion Fall 2024 100146 - Entertainment Venue – Completion Spring 2025 10 Projects Coming In 2024 100262 - Lynnhaven Parkway Corridor Improvements 100489 – Winston Salem Avenue Improvements 11 Thank You Discussion