The Application Process - Virginia Tourism Corporation

Commonwealth of Virginia Tourism Development Financing Program

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

	*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 3
	*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 1 through 5 including the specific development project by name
	*APPLICATION REVIEW* *STATE COMPTROLLER*	The State Comptroller reviews Steps 1 through 6 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