Home » Around Virginia » Currently Reading:

Governor McDonnell Announces State’s First Tourism Development Financing Project

June 22, 2012 by Contributor filed under Around Virginia No Comments
gov_mcdonnell

New hotel development in Fredericksburg is first in Virginia under new program

Governor Bob McDonnell announced the approval of the first Virginia Tourism Development Financing project, a new program recommended by the Governor’s Commission on Economic Development and Job Creation and approved by the General Assembly in 2011. The program provides gap financing for tourism development projects which are identified as critical to local economic development and are done in partnership with developers, localities, financial institutions, the Virginia Tourism Corporation and the Virginia Resources Authority. The City of Fredericksburg will be the first locality in the state to access the program to create a five-story, 96-room hotel and mixed-use development. The project is expected to generate more than $3 million in tax revenues over 10 years according to local estimates.

The Virginia Tourism Development Financing Program works by allowing approved tourism projects to temporarily retain a portion of state and local tax revenue generated from the project combined with a matching contribution from the developer to provide gap financing for up to 20 percent of the project’s total cost.

“Virginia’s tourism industry provides thousands of good, quality jobs across the state, which is why I have made tourism a key part of my economic development initiatives,” said Governor McDonnell. “In 2011, we passed legislation creating the Tourism Development Financing Program to help increase tourism and new business in Virginia. Tourism is a multi-billion dollar industry in Virginia that supports hundreds of thousands of jobs in the state. The Tourism Development Financing Program allows identified, locally-approved tourism projects to retain a portion of local and state sales tax to complete financing for a project to help Virginia’s tourism sector continue to grow. The project announced today in Fredericksburg is the first to be approved as part of this new program. The new hotel and mixed-use development will allow for more tourism in the city, and will bring greater economic growth and opportunity to the region.”

“Tourism is a $20 billion industry in our state and more than 200,000 Virginians are directly employed in the tourism industry,” said Lieutenant Governor and Chief Jobs Creation Officer Bill Bolling. “That’s why Governor McDonnell and I have been working so hard to increase funding for tourism promotion and support the development of critical tourism infrastructure. That’s exactly what the Tourism Development Grant Program is designed to do. Helping advance important projects like Eagle Village will support our tourism efforts, but it will also provide for meaningful economic development that will improve the quality of life of people in the Fredericksburg area. I am delighted that the University of Mary Washington and the City of Fredericksburg are the first beneficiaries of this new program.”

The University of Mary Washington Foundation is the lead partner on the Eagle Village project, with the City of Fredericksburg and Fredericksburg Economic Development Authority as supporting partners. The roughly $13 million project will include five-story, 96-room hotel with about 1,500 square feet of meeting space and 6,000 square feet of retail. According to local figures, the project is estimated to generate $3.27 million for the city in tax revenues over 10 years.

“The UMW Foundation is proud to be the recipient of the Commonwealth’s first award under the Tourism Development Financing Program,” said Jeff W. Rountree, Chief Executive Officer of the UMW Foundation. “In fact, the combined incentives between the City of Fredericksburg and the Commonwealth of Virginia made the development of our Hyatt Place hotel possible and will meet all of the objectives set forth by Governor McDonnell including the creation of over 55 new jobs and increased tax revenue for both the locality and the state. The UMW Foundation and the University continue to play a leading role in economic development in our region and the Governor’s new program has allowed this project to move forward, contributing yet again to the economic well-being of our community.”

The Eagle Village project also makes use of the Commonwealth’s Tourism Zoning opportunities. Enacted by Virginia Code § 58.1-3851, Virginia tourism zones allow any city, county, or town to establish one or more tourism zones, which grant tax incentives and provide certain regulatory flexibility to aid local businesses.

“We are very pleased that Fredericksburg has attained eligibility for this new tourism program and that the Eagle Village hotel be the first in Virginia to benefit from the state incentive. The additional funding is essential to this hotel’s financing package and I hope we are able to utilize the program for additional city projects,” said Karen Hedelt, Director of the Department of Economic Development and Tourism for the City of Fredericksburg.

Tourism is an instant revenue generator for Virginia. In 2010 tourism generated $19 billion in revenue, supported more than 204,000 jobs and provided $1.3 billion in state and local taxes for Virginia’s communities. Communities interested in the Tourism Development Financing Program can visit http://www.vatc.org/TDFinancingProgram/index.asp.

Comment on this article


By commenting, you agree to abide by our Terms of Service.


 

 

 

 

 

Columns

Pearl Harbor

flag

By Nicholas Reid Seventy-five years ago this December 7, to quote President Franklin D. Roosevelt, “the United States of America was suddenly and deliberately attacked by naval and air forces of the Empire of Japan.” It will have been 75 …

Early Returns: How U.S. Markets Reacted to the Presidential Election

Smith0035

On November 8, 2016, Republican candidate Donald J. Trump won a closely contested election for president of the United States. Late on election night, when it became evident that Trump was likely to win, despite consistently trailing in the polls, …

America: Worthy of Our Trust

moore-sobelnewmug

By Samuel Moore-Sobel My friend and I sit in a bar near our office. He is upset, bags under his eyes due to lack of sleep. Thursday, our weekly night to meet is usually a happy hour filled with intellectual …

South Riding

South Riding

I should have known that this one would take me far from my contemplative, Zen-inspired comfort zone; after I’d traversed more construction projects than I wanted to tally, competed with hurried, coffee-driven commuters with no time for mere existence, and …

Support Group Help Needed

drmikenewpic

Dr. Mike, My son was diagnosed with ADHD two years ago, and his pediatrician at that time recommended we try a social skills group for his “immaturity” and “impulsivity.” We did that, and our experience was horrible. The kids in …

The State of Corals

Figure 3 close up view of healthy coral polyps. [9]

(Presented to the Board of Supervisors December 6, 2016) “Events as severe as the 1998 event, the worst on record, are likely to become commonplace within 20 years.” – Ove Hoegh-Guldberg, 1999 [4] Tony Noerpel

Reply to Nicholas Reid – What is Science

noerpel_new

“The word “cult” has always been controversial because it is (in a pejorative sense) considered a subjective term, used as an ad hominem attack against groups with differing doctrines or practices, which lacks a clear or consistent definition.” “[Dogma] is …

Student News

Congratulations, Class of 2016

6 Jul 2016

grads_woodgrove

Woodgrove High School’s Class Of 2016 Graduation – By Amanda Clark On June 16, Woodgrove’s Class of 2016 was the 5th graduating class to walk the stage and accept their diploma. The ceremony was filled with anticipation as the chorus, …

(Be the first to comment)

Buckland Earns Degree In Medicine

6 Jul 2016

buckland

Molly Buckland, D.O., graduated from the West Virginia School of Osteopathic Medicine with a degree of Doctor of Osteopathic Medicine on May 28. While at WVSOM, Dr. Buckland received the Dr. Roland P. Sharp President’s Award and the James R. …

(Be the first to comment)

Adams Promoted To Lieutenant

6 Jul 2016

adamspromoted

Lt. James Adams, from Sterling and a Potomac Falls Halls Graduate, earned the promotion to the rank of Lieutenant. Adams is a Navy Week and Executive Outreach Planner for the Navy Office of Community Outreach in Millington, Tennessee. U.S. Navy …

(Be the first to comment)

Calendar

December 2016
Monday Tuesday Wednesday Thursday Friday Saturday Sunday
November 28, 2016 November 29, 2016 November 30, 2016 December 1, 2016 December 2, 2016 December 3, 2016

Holiday Open House

Notaviva Vineyards - Bluegrass Jam - FREE event

December 4, 2016

Holiday Open House

December 5, 2016 December 6, 2016 December 7, 2016 December 8, 2016 December 9, 2016

Christmas Market and Trolley Tours

December 10, 2016

Holiday Open House

13th Annual Purcellville Christmas Parade

Barrel Tasting Event Saturday

December 11, 2016

Christmas Market and Trolley Tours

December 12, 2016 December 13, 2016 December 14, 2016 December 15, 2016 December 16, 2016 December 17, 2016 December 18, 2016
December 19, 2016 December 20, 2016 December 21, 2016 December 22, 2016 December 23, 2016 December 24, 2016 December 25, 2016
December 26, 2016 December 27, 2016 December 28, 2016 December 29, 2016 December 30, 2016 December 31, 2016

Family New Year’s Eve Celebration

January 1, 2017

New Year's Day Musikabend

Current Print Issue:
Sign up for our email newsletter:

Recent Comments

Steady and NoBull

Lifestyle

Farm Bureau President Hopes for Immigration Reform

5 Dec 2016

pvllehorsefarm

Virginia Farm Bureau President Wayne F. Pryor told county delegates at the organization’s annual convention in Hot Springs that immigration reform “is an issue that has been delayed too long.” He noted that: “Work will begin on the 2018 Farm Bill next year. This is the most complex federal legislation farmers face, and it typically takes at least two years …

(Be the first to comment)

Northern Virginia Chamber To Host Congressional Roundtable

5 Dec 2016

blueridge2

The Northern Virginia Chamber will host its annual Congressional Roundtable on Monday, December 12, from 3:00 to 5:00 p.m. at the Northern Virginia Chamber in Tysons (7900 Westpark Drive, Suite A550). The dialogue will cover several issues at the intersection of federal policy and business – federal spending, energy, trade policy, the sequestration and the effect on Northern Virginia, transportation, …

(Be the first to comment)

Ugly Christmas Sweater Fad Keeps Growing

30 Nov 2016

uglysweater

Since 2012, the Re-Love It consignment shop, at 138 N. 21st Street in Purcellville, has developed the reputation as the place to get your Ugly Christmas Sweater in the Metro D.C. area. In that time, Re-Love It has sold more than 3,000 vintage Ugly Christmas Sweaters.

(Be the first to comment)

Editorial

Grief and Greed

blueridge2

By Matthew Parse What would drive a single individual to cause so much emotional stress and financial burden on hundreds, if not, thousands of families? What would drive the Town …

Op-ed

Opinion: Terrorism, Debt, and China: Oh My!

blueridge2.jpg

– By Nick Reid world can be a very dangerous place sometimes, especially for a nation state such as the United States. Although danger is always present, the number and …

Metro Money Mess Pushing West

blueridge2.jpg

– By Delegate Dave LaRock (R-33rd) A local paper recently quoted Loudoun Board Chair Phyllis Randall as saying that in her observation “some of the concerns raised by the people …

Dear Editor

Vote No To the Minor Special Exception

catesbyproposal

We are a group of Loudoun County citizens who will be adversely affected if the board grants a special exception for the Catesby Farm property at your upcoming meeting. You …

It’s Our Right

catesbyproposal

On December 6, the Board of Supervisors is scheduled to vote on a “Minor Special Exception” proposal we submitted earlier this year concerning our Catesby Farm property. Unfortunately, our limited …

View From the Ridge

Broken Promises, Hidden by a Six-Foot Berm

blueridge2

By Andrea Gaines On August 9, 1825 at the age of 69, French military officer the Marquis de Lafayette was honored in Leesburg by former President James Monroe. The French-born …

Around Virginia

Warner Introduces Bill To Help Wells Fargo Victims Get Their Day in Court

blueridge2

U.S. Sen. Mark R. Warner (D-VA), a member of the Senate Banking Committee, introduced legislation to give Wells Fargo customers who were victims of a fraudulent account scheme their day in court. The bank was involved in a scandal this year after it was revealed that Wells Fargo employees secretly …

(Be the first to comment)

History’s Holy Places: Four Local Sites Worth Exploring This Fall

outandaboutloudoun

The Journey through Hallowed Ground is a 180-mile long, 75-mile wide trek from Gettysburg to Monticello, encompassing nine presidential homes and places, 18 national and state parks, and thousands of small and large historical sites. Dozens and dozens of these sites and related museums are short ride from just about …

(Be the first to comment)

Land Trust Receives Large Donation

land trust

On August 22, The Land Trust of Virginia received a $10,000 gift from the Sharon D. Virts Foundation, based in Herndon. The presentation of this grant was part of the Foundation’s official launch event, held at Selma Plantation in Leesburg. Notable speakers included Sharon D. Virts, FCiFederal Founder and Chair, …

(Be the first to comment)

Sports

Accepting Applications for Sports League Funding

30 Nov 2016

basketball

Purcellville is accepting applications from local organizations for its annual sports league funding program. Organizations must serve the Town of Purcellville area, have citizens of the Town of Purcellville as players, and provide a letter to the Town from the IRS confirming the organization’s tax exempt status in order to …

(Be the first to comment)

Woodgrove High Student Will Pursue Track and Field at George Mason

30 Nov 2016

woodgrove

Puneet Kaur of Woodgrove High School has signed a National Letter of Intent to continue her track and field career at George Mason University. Kaur has held the school record in shot put since her sophomore year and is looking to throw shotput, hammer, discus and maybe even the javelin …

(Be the first to comment)

Archives

  • +2016
  • +2015
  • +2014
  • +2013
  • +2012
  • +2011
  • +2010
  • +2009