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You are here: Home / Commonwealth of Virginia Tourism Development Financing Program / Application Process

Application Process

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

(1)

Local Tourism Investment +
Substantiate Deficiency

◊ Share Locality‘s current tourism investment in staff, infrastructure, development & marketing
◊ The Locality (Applicant) submits local Comprehensive Community Plans, Community Development Plans & Market Studies explicitly identifying & substantiating a  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
◊
The Locality completes the Tourism Development Plan supplied by VTC
◊ 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
◊ VTC reviews before continuing
(4)

Create + Adopt
Tourism Zone Ordinance

◊ 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
Project Ordinance

◊ 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
by State Comptroller

◊ Only when Steps (1) through (6) are deemed complete by VTC is the Application completed
◊ The State Comptroller reviews Final Application
◊ Review period may include 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
After Business Opening

◊  VTC provides Locality with VA Dept. of Tax Contact to arrange partner payments for duration of financing debt

Tourism Development Financing Program

  • Commonwealth of Virginia Tourism Development Financing Program
  • Application Process
    • Identify a Deficiency
    • Project + Tourism Development Plan
    • Financing + Performance Agreement
    • Tourism Zone Ordinance
    • Adopt Project Ordinance
    • VTC Application Fee

Related Links

  • Code of Virginia
  • TDFP 2020 Full Guidelines
  • Tourism Development Plan Template
  • TDFP Overview Video

Contact

Wirt Confroy
Director of Business Development
wconfroy@virginia.org
804-545-5552
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