vbda monthly cash flow · 2019-10-17 · beginning cash $4,806,535 • significant cash receipts...

City of Virginia Beach Development Authority

VBDA Monthly Cash Flow September 17, 2019

VIRGINIA BEACH DEPARTMENT OF ECONOMIC DEVELOPMENT 1

Beginning Cash $4,688,238• Significant Cash Receipts

$43,642 of fees from Industrial Revenue Bond recipients

$250,000 of advanced funding for Little League loan

$3,283 of monthly interest income

• Significant Cash Disbursements $11,135 to Kimley Horn for industrial park engineering fees

$26,250 to Landscape Services for FY2020 Corporate Landing maintenance

$1,550 to VBDA Commissioners for 2nd half FY2019 stipend

$515 to Kimley Horn for Corporate Landing stormwater plan

Ending Cash $4,692,790

Operating Account Summary: August 2019

VIRGINIA BEACH DEPARTMENT OF ECONOMIC DEVELOPMENT 2

Beginning Cash $4,806,535• Significant Cash Receipts

$1,031 of monthly interest income

$500,000 transfer of EDIP Appropriations

• Significant Cash Disbursements $10,145 to Kimley Horn for engineering fees related to City initiatives/projects

$1,790 to Kimley Horn for Bio Park Phase 1 engineering fees

Ending Cash $5,295,631

Incentive Account Summary: August 2019

VIRGINIA BEACH DEPARTMENT OF ECONOMIC DEVELOPMENT 3

Ending Cash held by VBDA $5,295,631

PLUS: EDIP and other Receivables $9,967,763

LESS: Payables and Commitments $11,413,877

Ending Available Funding $3,849,517

Incentive Account Summary: August 2019

VIRGINIA BEACH DEPARTMENT OF ECONOMIC DEVELOPMENT 4

Design Review Approval RequestPoint One USA, LLC

PROJECT SUMMARY

City of Virginia Beach Development AuthoritySeptember 17, 2019

1

DISCLOSURES POINT ONE USA PRESIDENT:

Robert Brush

POINT ONE USA CFO:

Michelle Glasscock

ARCHITECT/ENGINEERS:

Lemole Architects

REAL ESTATE BROKER:

Robert (Bobby) Beasley, Jr.

CONSTRUCTION CONTRACTOR:

CL Pincus Jr. & Co.

BANKING INSTITUTION:

Towne Bank

VIRGINIA BEACH DEPARTMENT OF ECONOMIC DEVELOPMENT 2

ABOUT THE COMPANY

VIRGINIA BEACH DEPARTMENT OF ECONOMIC DEVELOPMENT3

Point One USA provides advanced training solutions for military and law enforcement professionals in four divisions:

• Training Courses,

• Training Products

• Exercise Devices, Scenarios and Support

• Concept Development and Systems Integration

Headquartered: Virginia Beach, VA

West Coast location: San Diego, CA

Crusader Circle property will be used for manufacturing, warehousing, and packaging to support product sales of

training aids/kits that are purchased and used by Law Enforcement and Military personnel in Virginia, the U.S. and

international partners

Navy approval for use

Old outstanding EDIP grant award will be closed out

LOCATION: 2809 Crusader Circle 1537 Air Rail Avenue

VIRGINIA BEACH DEPARTMENT OF ECONOMIC DEVELOPMENT 4

SITE PLAN: 2809 Crusader Circle

VIRGINIA BEACH DEPARTMENT OF ECONOMIC DEVELOPMENT 5

SITE PLAN: 2809 Crusader Circle (Front Rendering)

VIRGINIA BEACH DEPARTMENT OF ECONOMIC DEVELOPMENT 6

SITE PLAN: 2809 Crusader Circle (Rear Rendering)

VIRGINIA BEACH DEPARTMENT OF ECONOMIC DEVELOPMENT 7

Questions?

VIRGINIA BEACH DEPARTMENT OF ECONOMIC DEVELOPMENT 8

PROJECT SUMMARY

2809 Crusader Circle

What? Relocation from 11,800 sf (Taylor Farm Rd) to 20,000

sf (Crusader Circle) Storage, warehouse/distribution Easement compliance approved by Navy

INVESTMENT (within 36 months)

JOBS

LOCATIONCAPITAL INVESTMENT AMOUNT

REAL ESTATE $1,250,000

MACHINERY AND TOOLS $50,000

FF&E $200,000

TOTAL: $1,500,000

JOBS AMOUNT

Current FTEs

New FTEs

36

15Average wage of new jobs (excluding benefits) $65,000

VIRGINIA BEACH DEPARTMENT OF ECONOMIC DEVELOPMENT9

RECOMMENDATION EDIP Part “A” Grant: $45,000 Target industry sector:

Manufacturing and Defense

Temporary PlacemakingVBDA Update 9/17/19

Former Hotel Site Conditions

February 2019 Proposal

Temporary Placemaking - Norfolk

Temporary Park - Norway

Former Conditions

Current Conditions

“World Below The Brine” by Piece of Cake Productions

Public Art Additions

Public Art Additions

“Prismatic Play” by Aimee Bruce

Former Slab Resurfacing Concept

40’x80’

Slab Resurfacing

Multi-Court Concept

Multi-Court Signage

Multi-Court

Multi-Court lines will be marked by October 12, 2019

Estimated Budget

Budget Update

Accomplished Items Expense

8x8 Wood Landscape Timber $2,793

Topsoil & Hauling $2,075

Turf-Sod $1,434

Slab Resurfacing $4,990

Shrubs and Groundcovers $1,072

Outstanding Items

Multi-Court Marking $5,809

Signage $1,000

Address Inside of Wall $4,000

Total $23,173