The URL can be used to link to this page

Home My WebLink AboutII. C. FY 2025- 26 RESOURCE MANAGEMENT PLAN ( BUDGET) 2. ECONOMIC AND TOURISM DEVELOPMENT CIP 4.29.2025PROPOSED FY 2025-26 to FY 2030-31 ECONOMIC & TOURISMCAPITAL IMPROVEMENT PROGRAM Emily Archer, Deputy Director Economic Development April 29, 2025 Economic and Tourism Section Overview •FY 2025-26 Proposed CIP -33 projects totaling $532.6million including appropriations to date •Funding Sources •General Fund (20%) •Cigarette Tax Dedication •Sale of Property •Tourism Investment Program (63%) •Federal and State Grants •Parking Enterprise Fund •Town Center SSD •Lease and Sale of Properties (BRAC) 2 Major Challenges •Inflationary Challenges •Construction cost increase •Labor and Material shortages •Decrease in some revenues •Cigarette Tax 3 Projects with No Change 4 Project Council District Appropriations to Date FY26 Budget FY27-31 Budget Total Balance to Complete 100002: 17th St Improvements Ph II 6 293,630 0 0 293,630 76,813,199 100014: APZ-1 Economic Incentives Citywide 1,857,692 0 0 1,857,692 - 100635: Corporate Landing Business Park Infrastructure 5 10,000,000 0 0 10,000,000 - 100666: Dam Neck Road-London Bridge Connector Improvements 5 22,500,000 0 0 22,500,000 - 100157: Economic Development Investment Program II Citywide 12,075,696 1,295,986 5,463,465 18,835,147 - 100251: London Bridge Commerce Center Infrastructure 6 1,730,762 0 0 1,730,762 2,164,338 100262: Lynnhaven Parkway Corridor Improvements 3 7,939,338 0 0 7,939,338 - Projects with No Change – Continued 5 Project Council District Appropriations to Date FY26 Budget FY27-31 Budget Total Balance to Complete 100399: Strategic Development Projects Citywide 11,945,687 250,000 1,250,000 13,445,687 - 100577: Strategic Site Acquisition and Disposition Citywide 1,690,000 0 0 1,690,000 - 100576: VA Beach Innovation Park Infrastructure II 2 18,659,000 0 0 18,659,000 - 100459 ViBe District Street Infrastructure Improvements 6 10,811,046 0 0 10,811,046 - Total 107,762,302 Projects with No Change – TIP Funded4 6 Project Council District Appropriations to Date FY26 Budget FY27-31 Budget Total 100001: 17th St Improvements Ph I 6, 5 48,843,040 0 0 48,843,040 100145: Atlantic Park Development Acquisition 6 9,194,182 0 0 9,194,482 100146: Atlantic Park Entertainment Venue 6 54,997,614 0 0 54,997,614 100147: Atlantic Park Parking 6 45,950,000 0 0 45,950,000 100148: Atlantic Park Streetscapes 6 6,000,000 0 0 6,000,000 100283: Oceanfront Capital Projects Reinvestment 6, 5 7,331,862 600,000 3,000,000 10,931,862 100300: Atlantic Avenue Street Improvements 6, 5 33,900,000 7,900,000 6,300,000 48,100,000 100456: VA Beach Amphitheater Capital Maintenance 2 4,241,446 200,000 1,000,000 5,441,446 Projects with No Change – TIP Funded Continued 24 7 Project Council District Appropriatio ns to Date FY26 Budget FY27-31 Budget Total 100489: Winston Salem Avenue Improvements 5 18,558,235 0 0 18,558,235 100606: Atlantic Park Offsite Structure 6 36,567,955 0 0 36,567,955 100628: Visitor Information Services 6, 5 1,000,000 0 0 1,000,000 100629: Sports Tourism Infrastructure Citywide 19,500,000 0 0 19,500,000 100286: Oceanfront Restrooms 6, 5 2,833,484 0 0 2,833,484 100059: Resort Parking District 6, 5 26,125,000 0 0 26,125,000 Total 334,043,118 Projects with No Change-Partial Federal/State Funded 8 Project Council District Appropriations to Date FY26 Budget FY27-31 Budget Total 100282: Oceana & ITA Conformity & Acquisition II 2, 6, 5, 3 8,642,318 0 5,000,000 13,642,318 100630: 17th St Regional Stormwater Management Facility 6 28,700,000 0 0 28,700,000 100639: Cape Henry Lighthouse Restoration 6 1,918,119 0 0 1,918,119 Total 44,260,437 Projects with No Change - SSD Funded 9 Project Council District Appropriations to Date FY26 Budget FY27-31 Budget Total 100420: Town Center Garage and Plaza Capital Maintenance II 4 4,180,127 325,726 1,763,630 6,296,483 100421: Town Center Reinvestment 4 1,050,000 150,000 750,000 1,950,000 Total 8,246,483 Projects with Modifications Project Council District Appropriations to Date FY26 Budget FY27-31 Budget Total Balance to Complete 100285: Oceanfront Parking Facilities Capital Maintenance Development II 6, 5 5,853,366 612,500 3,062,500 9,528,366 - 100048: Burton Station Road Improvements III 4 3,065,658 0 0 3,065,658 24,918,922 Total 5,853,366 9,528,366 ▪$14,545,807 proposed to be transferred to Roadway project 100123 “Cleveland Street Improvements IV” 10 New Project – Pembroke Square Public Parking Project Council District Appropriations to Date FY26 Budget FY27-31 Budget Total 100686: Pembroke Square Public Parking 9 0 25,680,150 0 25,680,150 Total 0 25,680,150 0 25,680,150 ▪Debt service to be repaid through dedication of taxes generated 11 Requested But Not Funded Project Existing/New Council District Total Burton Station Road Improvements III Additional Funding Existing 4 24,918,922 VA Beach Innovation Park Infrastructure III Existing 2 7,000,000 Corporate Landing Business Park Infrastructure Phase II Existing 5 13,000,000 Total 44,918,922 ▪Current Phase Construction Underway in both Business Parks ▪Innovation Park complete in 2025 ▪Corporate Landing complete in 2026 12 100300: Atlantic Avenue Street Improvements ▪Task Force established to determine a path forward at $35 Mil or less by the end of 2025 Council District Appropriations to Date FY26 Budget FY27-31 Budget Total 6, 5 33,900,000 7,900,000 6,300,000 48,100,000 13 Projects Recently Completed – 31st St Canopy 2 14 Before Projects Recently Completed – 31st St Canopy 2 15 After Projects Recently Completed – 18th Street2 16 Before Projects Recently Completed – 18th Street2 17 After Projects Underway ▪Atlantic Park ▪Dam Neck Road-London Bridge Connector ▪Innovation Park Infrastructure ▪Corporate Landing Infrastructure ▪Winston Salem Improvements ▪Lynnhaven Parkway Improvements ▪17th Street Phase 1 Improvements 18