Below is an outline of the TDFP application process, step-by-step, which is managed by VTC
| (1) |
Identify + |
◊ The Locality (Applicant) submits local Comprehensive Community Plans, Community Development Plans & Market Studies explicitly identifying & substantiating a tourism Deficiency in their local, tourism economy ◊ VTC review before Step (2) |
| (2) |
Identify Project + Submit VTC Tourism Development Plan |
◊ The Locality identifies a Developer partner and Project which fills the Deficiency ◊ VTC review before Step (3) |
| (3) |
Verify Financing + Finalize Performance Agreement |
◊ Work with Virginia Resources Authority to verify committed financing, debt structuring & gap reimbursement ◊ Developer is sole owner of all debt with Lender and secures all financing, including the gap financing, prior to applying for TDFP gap financing |
| (4) |
Create + Adopt |
◊ Pass a Local Ordinance creating a “Tourism Zone” in which the project’s footprint must be located ◊ VTC review + must occur before Step (5) |
| (5) |
Create + Adopt |
◊ Must be completed AFTER Steps (1) through (5) are completed and reviewed by VTC ◊ Pass a Local Ordinance adopting Steps (1) through (5) including the specific development project by name & commitment to financing ◊ The Final Application is completed only when all steps, documentation and VTC reviews are finalized |
|
(6) |
Pay Application Fee |
◊ Submit $500 application & processing fee paid by either Developer or Locality |
| (7) |
Application Review |
◊ Only when Steps (1) through (6) are deemed complete by VTC is the Application complete ◊ The State Comptroller reviews Final Application ◊ Review period includes possible requests for more data ◊ Comptroller sends Certification Letter to Locality, VTC & VRA |
| (8) |
Announce TDFP Certification |
◊ VTC coordinates with Locality a Media Release from the Governor’s office + Announcement Event if requested |
| (9) |
Debt Service |
◊ VTC provides Locality with VA Dept. of Tax Contact to arrange partner payments for duration of financing debt |
