SPECIAL DISTRICTS

APPLICATIONS & FORMS

SPECIAL DISTRICTS MAP

Background:

• The EDA is a political subdivision of the Commonwealth of Virginia created by the City to acquire, own, lease and dispose of properties to promote industry and induce businesses to locate and remain in Norfolk. 
• The mission of the Economic Development Authority (EDA) is to create jobs, maximize utilization of Norfolk‘s real estate, foster business capital investment, increase the tax base, focus on the needs of neighborhoods, and support minority and small businesses.
• The EDA is authorized to issue revenue bonds to finance facilities for non-profits, manufacturers and businesses in an Enterprise or Empowerment Zone.  The City has no liability under the bonds.  Liability is assumed by the enterprises for which the facilities are constructed.
• The EDA is funded by a fee of 1/8th of 1% of the outstanding principal on bonds issued through the EDA.  The EDA does not receive any funds from the City.

• Activities/Accomplishments in FY-05

Central Business Park (CBP)

• Mark H. Barr Companies (Building I) purchased a 2.6-acre parcel for an 18,500 square foot office/flex building now under construction with an expected opening of July 2005.
• Mark H. Barr Companies (Building II) contracted for the purchase of a 2.5-acre parcel for the construction of an 18,500 square foot office/flex building.
• Taylor Real Estate, Inc. has contracted for a 5.7-acre parcel for the development of a total of 59,000 square foot office/flex building.
• Norfolk Central Development, LLC contracted to purchase a 2.85-acre parcel for the construction of a three-story, 56,000 square foot office building.
• Delphinus Engineering, Inc has contracted to purchase 1.85 acres for the construction of a 28,000 square foot, two-story office/flex building which will be its Hampton Road’s headquarters.
• RCR Development, Inc. has contracted to purchase 6.2 acres for the development of a 90,000 square foot office building.
• Dister, Inc. has contracted to purchase a 2.9-acre parcel for the construction of a 12,000 square foot owner-occupied wholesale printing business

Lake Wright Executive Park

• The EDA has completed the development of Lake Wright Executive Center as a Class A suburban office park.  The final projects include:
• An $11 million, 131-suite Marriott Residence Inn opened June 2004.
• U. S. Oncology’s $7 million, 72,000 square foot medical office facility opened July 2004.
• CMA CGM (America), Inc., the 6th largest steamship company in the world, purchased 7 acres for their North American headquarters.  Construction of the $11 million, 87,000 square foot building is nearing completion with a May 2005 opening expected.
•  

Revenue Bonds Issued

• In October 2004 the EDA issued $54,435,000 for Sentara Healthcare in indexed put bonds to refund bonds issued in 1994 that financed expansion at Sentara Norfolk General Hospital.

Small and Minority Business Development

• The EDA has appropriated up to $30,000 each for the Old Dominion University Technology Applications Center (ODU TAC) and the Christopher Newport University Virginia Electronic Commerce Technology Center (VECTEC) programs.  These funds are available to help defray the costs Norfolk businesses would incur in utilizing these programs.  An individual Norfolk company may receive up to 50% of their cost, or a maximum of $2,500.  The maximum for a disadvantaged business is $4,500.
• 2 grants were awarded to small Norfolk businesses in partnership with ODU TAC to provide production and quality control assistance.
• 1 grant has been awarded to small Norfolk businesses through VECTEC.  These grants assist small businesses with information technology, e-mail marketing, and web site design and search engine optimization.
•  
• The EDA provides support for the unmet financial needs of individuals, small businesses, and community based organizations in the Berkley/Campostella area through the NCP (Berkley) Federal Community Credit Union.
• The EDA renewed (to March 31, 2006) a $75,000, non-interest bearing, three-year Certificate of Deposit investment to assist the Credit Union in income generation. 
• The EDA July 2004 approved a grant of $25,000, which helps pay for NCP’s staff and operations. 
• The EDA also in March 2005 approved a $25,000 grant to assist the Credit Union in meeting its required net worth ratios.
• Previously, the EDA assisted with funding to renovate the Credit Union’s building and to help support their loan loss reserves. 

Quality of Life Cultural Support

• The EDA made the following one-time contributions.
• Virginia Stage Company                                       $25,000
• Arts Endowment Feasibility Analysis                  $  2,000
• Virginia Social Ventures/Spotlight Books          $10,000
• (for workforce development)