HomeMy WebLinkAboutEconomic and Tourism Development CIP Departmental Budget PresentationCity of Virginia Beach
PROPOSED FY 2026-27 to FY 2031-32
ECONOMIC & TOURISM DEVELOPMENT CIP
Emily Archer, Acting Director, Economic Development
April 28, 2026
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Section Overview
Cigarette Tax
10%
General Fund
5%
Toursim Investment
Program
45%Town Center TIF
12%
Sale of Property
8%
Town Center SSD
5%
Parking Enterprise
6%
Pembroke Square SSD
9%
Total Six- Year Program = $62.3 million & 21 Projects
Budget Changes
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100300: Atlantic Avenue Street Improvements
•FY27 funding reduced by $6.3 million
•Project aligned with task force recommendations
100686:Pembroke Square Public Parking
•Added $5.5 million in FY27
•Supports parking garage acquisition
100059: Resort Parking District
•Added $25 million in FY27
•Supports new parking construction
100420: Town Center Garage and Plaza Maintenance II
•Added $7.6 million across CIP funded by Town Center TIF
•Supports maintenance and replacement
Project Status
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Under Construction
•17th Street/Virginia Beach Boulevard
•Lynnhaven Parkway Improvements
Construction Anticipated This Year
•18th Street Creative Crosswalks
•6th Street Restroom
Upcoming
•Atlantic Avenue Improvements
•Town Center Garage Modernization & Elevator Replacements
•Corporate Landing Infrastructure
•Winston Salem Avenue
•35th Street Garage
•Pembroke Square Garages
Questions?
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