Category: Economic development
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Atlantic Park Part 10: Virginia Small Business Financing Authority
by James C. Sherlock On September 13, 2022, a regular meeting was held of the board of the Virginia Small Business Financing Authority (VSBFA). That board has sweeping responsibilities only one of which is the bond program. From its 501(c)3 Tax-Exempt Bond Program. On the agenda of that meeting was authorization of bonds for North Carolina’s…
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Atlantic Park Part 8: Surf Park Muni Bonds Add to Project Risk
By James C. Sherlock The surf park jumps right out at you. It is meant to. It will be the first surf pool in the mid-Atlantic region. The other components of Virginia Beach’s Atlantic Park will depend upon it to create buzz and draw visitors. A developer group led by Venture Realty Group initially planned…
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Atlantic Park Part 7: The Quest for Surf Park Financing
Commentary by James C. Sherlock A last-minute search for surf park financing delayed project construction for a year. Neither bankers nor the City of Virginia Beach wanted any part of it. The developer missed a funding deadline. The city forgave it, but the pressure was on. So, with city backing: The journey was so complex…
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Atlantic Park Part 6: Vote for Change
by James C. Sherlock Updated Sept. 14 at 11:14 AM and September 18 at 4:40 PM If an infrastructure project is assessed to be a potential commercial success, that judgement is based on a business plan. Inevitably, because they are very good at what they do, the developers of Atlantic Park had one that would…
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Atlantic Park Part 5: Economic Risks
by James C. Sherlock In Bloomberg, author Allison Nicole Smith commented on the Atlantic Park bonds. She wrote: Muni deals funding tourist attractions have a checkered past. The list of defaulted bonds is a long one, including a water park in Edinburg, Texas, and an iron and steel manufacturing-themed park in Bessemer, Alabama. Like the development…
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Atlantic Park Part 4: Seven Years of Negotiations
by James C. Sherlock Atlantic Park should prove a first-rate attraction when it opens next May. The design is attractive, quality should be good, and the surf park will be unique in the mid-Atlantic, at least for a while. But it has taken what seems like forever to get the deal done, and taxpayers got…
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Atlantic Park Part 3: The Deal of the Century
By James C. Sherlock Updated September 18, 2024 at 10:07 AM and 3:27 PM Atlantic Park is due to open on nearly 13 acres of city land near the Virginia Beach oceanfront in May of 2025. The new entertainment district is the largest public-private partnership project in the history of the Commonwealth’s biggest city. It…
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APCo Rate Case is a Battle of Accountants Over Details, Profit Margin
By Steve Haner The latest review of base rates for the Appalachian Power Company’s 540,000 Virginia customer accounts may end with yet another price increase, the second in two years, but a fierce and detailed battle of accountants will determine the size. The State Corporation Commission held a public comment session Monday and a full…
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Atlantic Park Part 1: Prologue
Updated September 18 at 10 AM and 3:16 PM By James C. Sherlock Atlantic Park is under construction as a massive new entertainment district near the oceanfront in Virginia Beach’s resort area. The centerpiece, a surf park, will be surrounded a 3,500-seat concert hall, shops, restaurants, offices, and apartments. If it succeeds, Atlantic Park will…
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Be Careful What You Ask For
by Dick Hall-Sizemore Sen. Schuyler VanValkenburg (D-Henrico) is very upset about the plan to locate a Rosie’s Gaming Emporium in Henrico County. This is the facility that features “historical horse racing,” which many have equated to slot machines. Churchill Downs, the parent company of Rosie’s, plans to open the facility in an existing shopping center, the…
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About Those 10,000 New Startups…
by James A. Bacon Governor Glenn Youngkin has made quite the audacious claim: his administration has created 10,000 new high-growth and high-wage startup companies in Virginia, a faster pace of startups than seen under any previous Virginia governor in the last 15 years. That would be an impressive accomplishment if it stands up to scrutiny.…
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UVA as Entrepreneurial Hub?
by James A. Bacon Does the University of Virginia have what it takes to become an engine of technological innovation and entrepreneurial wealth creation? Mike Lenox, professor of entrepreneurship at the Darden School of Business, thinks that it does. James Murray, a venture capitalist specializing in telecommunications and information technology, isn’t so sure. They engaged…
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Virginia Beach Budget Will Lower Your Standard of Living
When Councilman John Moss narrowly lost his seat on City Council in a 2022 three-way race, Virginia Beach lost the lone elected official who actually understood municipal budgeting. Moss could be counted on to make city budgeteers squirm as he peppered them with intelligent questions about why they continually funded vacant city jobs and then…
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Parking Decks, Debt, & Trap Doors
by Jon Baliles On Wednesday afternoon at 3:00pm in City Council chambers, City Council will vote and approve the plan presented by the Mayor and Chief Administrative Officer (CAO) to allow Richmond to issue $170 million in bonds to pay for the new baseball stadium on ten acres that will be surrounded by about 57…
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Fairness + Accountability = Thriving City
by Jon Baliles The city of Richmond seems to be trying to plug all of the holes in its boat, also known as the U.S.S. Meals Tax Fiasco, that has been taking on water for months. It seems that the city is finally wiping out the erroneous meals tax payments and interest they had charged…