Virginia Tourism Corporation

Information for Virginia's Travel Industry

  • about
    • Contact VTC
    • Operations and Finance
      • Consumer Services and Fulfillment
    • Virginia Tourism Corporation Board of Directors
    • Virginia Film Office
    • Diversity, Equity and Inclusion Resources
    • Directions to Virginia Tourism Corporation Office
    • Employment Opportunities
  • marketing
    • Brand Management
      • Brand Campaigns & Initiatives
      • Industry Advertising Co-Op Program
      • Virginia Travel Guide Advertising
      • LOVEwork Reimbursement Program
      • Virginia Is For Lovers Logo Request
      • Creative Services
      • Advertising Opportunities
    • Communications
      • Public Relations
    • Content Marketing
      • Social Media
    • Digital Marketing
      • Get Listed on Virginia.org
    • Group Tours, Meetings and Sports Marketing
    • International Sales & Marketing
    • Marketing Operations
  • grants
    • Tourism Development Financing Program
    • (VTC) Microbusiness Marketing Leverage Program
    • VTC Marketing Leverage Program
    • Virginia DMO Marketing Grants
    • Virginia Special Events & Festivals Program
  • partnership marketing
    • Partnership Marketing
    • Destination Development Managers
    • Business Resources
    • Development Resources
    • Workshops and Educational Opportunities
      • Virginia Tourism Orientation Program
    • Tourism Development Financing Program
    • Tourism Improvement Districts (TIDs)
    • DRIVE Outdoor
    • Tourism Zones
    • GO Virginia
  • research
    • Economic Impact of Travel
    • Travel Data and Profiles
    • International Travel
    • Black Travel Research
    • Lodging Reports
    • Research Reports
    • Virginia Excise Tax Rates and Collections
    • Research Links
  • essentials
    • Sign Up for the Pulse of Virginia
    • Bulk Publication Order Form
    • LOVEwork Request
    • LOVEwork Reimbursement Program
    • Tourism Industry Contacts
    • Logo Request
    • Photo & Video Guidelines
    • Merchandising
    • Virginia is for Lovers Store
    • VTC Orientation
    • Virginia Film Office
    • Keep Virginia Beautiful
    • Virginia Green
    • VA-1 Tourism Summit
You are here: Home / Commonwealth of Virginia (TDFP) / Application Process / Project + Tourism Development Plan

Project + Tourism Development Plan

Step (2) in applying for the TDFP is the Locality (EDA/IDA) has already identified a Developer partner and project which fills this Deficiency

The Developer has also found all the lending they need to complete the project, including a Lender for the primary debt, and a Lender for the amount of gap financing needed

Once that occurs the Locality is required to complete a Tourism Development Plan, with assistance form the local Tourism Office and Developer (see description below)

Tier 1 = 70/30     projects … < $100 million

  • Compensates for a shortfall in project funding, not to exceed 30% of a qualified project’s total cost
  • Once the project is completed and generating income, the locality works with the VA Dept. of Tax to perform a quarterly review of state sales and uses taxes collected from the project’s revenue that quarter
  • 1% of the project’s quarterly revenue is the amount each partner will contribute towards debt service on the project, until debt service is fully paid
  • The developer owns all debt exclusively, while the locality and state only contribute to debt service

Tier 2 = 80/20 projects … $100 million +

  • Compensates for a shortfall in project funding, not to exceed 20% of a qualified project’s total cost
  • For larger-scale, $100+ million projects of regional significances; excluding major retail
  • Once the project is completed and generating income, the locality works with the VA Dept. of Tax to perform a quarterly review of state sales and uses taxes collected from the project’s revenue that quarter
  • 1.5% of quarterly revenue is the amount each partner will contribute towards debt service on the project
  • The developer owns all debt exclusively, while the locality and state only contribute to debt service

NOTE: VTC reviews the Tourism Development Plan before proceeding to Step (3) of verifying all financing and creating a performance agreement between Locality and Developer

  • The plan is a template which collects project-specific information including
  • A clear and mutually agreed-upon deficiency (void) in the locality’s tourism product
  • An accurate representation of a locality’s current tourism product and assets, infrastructure, marketing efforts and visitor profiles; and
  • The return on investment (projected tax, FTE jobs and visitor spend) the proposed project will have to the local economy
  • A Locality and Developer must present a clear mutually adopted understanding of how the proposed project will meet an identified Deficiency outlined the locality’s existing community development plan or business plan
  • The Tourism Development Plan document allows the Applicant to gauge the locality’s tourism infrastructure, economy and business community, as well as a community’s social and cultural assets
  • This includes a brief S.W.O.T. analysis, specifying a locality’s top three (1) Strengths (2) Weaknesses (3) Opportunities and (4) Threats
  • The Applicant will also be asked to supply a current or existing marketing plan adopted by your community. A marketing plan is an official, adopted plan by which an organization or community can maximize its tourism potential. It answers key questions which provide direction for a community’s tourism marketing activities. A marketing plan brings together an organization’s research, particular goals, measurable objectives, brand ideals and other important considerations in one concise, executable directive

To begin  your Tourism Development Plan contact: Wirt Confroy [ [email protected] (804) 545-5552 ] or Sandra Tanner [ [email protected]) (434) 757-7438 ]

Tourism Development Financing Program

  • Code of Virginia
  • TDFP 2023 Full Guidelines
  • Tourism Development Plan Template
  • Tourism Zone Ordinance

Contact

Wirt Confroy
Director of Business Development
wconfroy@virginia.org
804-545-5552
Sandra Tanner
Senior Destination Development Manager
stanner@virginia.org
434-774-9008
  • Bloglovin
  • Facebook
  • Instagram
  • Pinterest
  • Twitter
  • YouTube

Contact Us
Careers
Virginia is for Lovers Website
Virginia Film Office
Press Room
Log into Administration Tool
Virginia is for Lovers Store
Privacy Policy
Diversity, Equity and Inclusion


VTC Expenditures
View VTC’s Expenditures
eVA Transparency Reports
eva Transparency Reports
  • What is DRIVE 2.0?
  • DRIVE Outdoor
  • Why do we Need a Statewide Tourism Plan
  • Strategic Tourism Plan
  • Regional Plans
  • How to Guides

Copyright © 2023 – Virginia Tourism Corporation, 901 E. Cary St., Suite 900, Richmond, VA 23219

(804) 545-5500, [email protected]

All rights reserved.

This site uses cookies to enhance the user experience and measure marketing activities.
By continuing to use this website, you agree to their use. To find out more, please see our Privacy Policy
Accept
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT