Council read and approved a consent ordinance that accepts $5,000,000 in pass-through Commonwealth funding to the City of Virginia Beach Development Authority to support Atlantic Park and directs the city manager to enter a memorandum of understanding with the secretary of commerce and trade.

The authority approved EDIP Part A awards including $75,000 to Oregon Construction and $155,000 to Virginia Westland (Centara College relocation), and a $25,000 Atlantic Avenue facade grant to Four Points by Sheraton to support business improvements and workforce development.

The Virginia Beach Development Authority approved its FY2027 annual budget, which projects $739,468 in operating revenues and anticipates $1.3 million in net operating cash use for project activities; board members voted to adopt the budget after a staff presentation.

The authority authorized a five-year option agreement with Dominion Energy for roughly 32 acres in Corporate Landing to support the Coastal Virginia Offshore Wind project; terms include a purchase price of at least $200,000 or appraisal and a right of first offer to the authority if Dominion does not build an onshore substation.

The Virginia Beach Development Authority voted to authorize a $3 million settlement with developer Venture Waves and to transfer three parcels south of 18th Street to the developer as part of a deal to resolve claims related to Atlantic Park phase 1; remaining punch-list and warranty items will continue to be addressed.