A Locality eligible for TDFP certification follows these guidelines:
Step (1) in the TDFP gap financing program if for a Locality (EDA/IDA) to share the Locality‘s current tourism investment in staff, infrastructure, development & marketing, and then to identify a significant, local Deficiency in tourism product, visitor experience & spending
- This Deficiency are well researched and clearly substantiated in a community’s Comprehensive Community Plan, Local Tourism Development Plans and through independent Market Studies
- Tourism Deficiencies take into account local and regional product similarity, availability and proven visitor need
- For the State of Virginia to invest in TDFP projects, there must be significant benefit to the locality and existing tourism business community, and in net, new jobs, traveler spending and
- local tax revenue
- Project Developers secure and own all project and gap financing debt, prior to applying for TDFP
- The project filling the local Deficiency will cease, and not continue, due to lack of funding, but for TDFP certification successful projects must follow and complete the application process
- Eligible projects must be within in Locality-created Tourism Development Zone *see website for details
Section 58.1-3851.1 of the Virginia Code details the requirements