• Commonwealth of Virginia Tourism Development Financing Program

    The Commonwealth of Virginia has established a financing program for qualified Virginia tourism development projects.

    This program provides two different tiers of financing to compensate for a shortfall in project funding.

    The purpose of the program is to provide a gap financing mechanism for projects that cannot, otherwise, find 100% funding or lending for a project.

    Below is an outline of the TDFP application process, step-by-step, which is managed by VTC.

    For more detailed information on the program or steps, please download TDFP Full Overview 2016 found in the Related Links box, top-right on this page.

    IDENTIFY A PROJECT

    • The locality is the Applicant and identifies a tourism deficiency (void) in their local business community
    • The Developer is the sole owner of all debt with Lenders and secures all  financing, including the gap loan
     

    CREATE + SUBMIT TOURISM DEVELOPMENT PLAN

    • Prove the project fills a tourism deficiency (void)
    • Identify positive $ impact on local business community
    • VTC approves before Step 
     

    PAY APPLICATION FEE

    • Submit $500 application & processing fee to VTC for website maintenance
     

    VERIFY THE FINANCING + FINALIZE PERFORMANCE AGREEMENT

    • Work with Virginia Resources Authority to verify committed financing, debt structuring and gap reimbursement
     

    CREATE AND VERIFY
    TOURISM ZONE ORDINANCE

    • Pass A local ordinance creating a tourism zone in which the development project’s footprint must be located
     

    ADOPT PROJECT ORDINANCE

    • Pass a local ordinance adopting Steps  through   including the specific development project by name 
     

    APPLICATION REVIEW
    STATE COMPTROLLER

    • The State Comptroller reviews Steps  through 
    • Sends certification letter when approved
     

    ANNOUNCE PROJECT CERTIFICATION

    • Coordinate news releases with VTC from the Governor’s office, the Locality and the Developer
     

    PAY DEBT > After business opening

    • The Locality works with Dept. of Taxation to process partner payments for the life of the gap financing debt