Tourism Development Financing Program
— Is there a sector of local tourism activity in your area which has reached such high dem和, that current tourism product cannot meet?
-你的当前,更新 社区综合计划 identify 和 address these dem和s?
-做你当前的,更新的 旅游发展计划 和 旅游营销策划 identify, benchmark 和 track traveler visitation, activity 和 visitor spending?
— Do potential 开发人员 partners have a current Market / Feasibility Study with 研究 和 data proving their project can fill that local Deficiency?
— If you’ve answered “Yes” to these key tenants of tourism development 和 市场营销,n the Commonwealth’s Tourism Development Financing Program (TDFP) may be a consideration for your community.
Review > TDFP Overview PPT
缺乏
These deficiencies are well 研究ed 和 substantiated in a community’s 综合社区计划, a 本地旅游发展计划 通过独立 市场研究. Prospective projects filling such deficiencies must generate 维吉尼亚州 sales 和 use tax, 比如住宿, 餐厅, 会议场地租赁及餐饮. Projects collecting only admissions tax are not eligible, since the 状态 does not collect admissions tax, 因此, nothing to contribute to the project.
开发商的缺口融资
- 把TDFP想象成退税
- The 开发人员 acquires all the lending they need, opens 和 generates revenue
- The 状态 和 Municipality collect new tax, 和 give back a portion toward the project’s gap debt
- Much like TIF (Tax Incremental Financing,) TDFP is a program where both Municipality 和 状态 divert 和 contribute future sales tax revenues towards the 开发人员的 与银行的债务 银行
- Once a certified project is open 和 generating revenue, a 位置, 开发人员 和 状态 divert 和 contribute future sales tax revenues towards the 开发人员的 与银行的债务 银行
- Before the project begins construction, 申请人/位置 must receive TDFP certification
In the TDFP program, 位置 is the 申请人,而不是开发者
The purpose of the program is to provide a gap financing mechanism for projects that cannot, 否则, find 100% funding or lending for a project
The 开发人员 assumes all debt with 银行s. If a 位置’s deficiency is proven, 开发人员 must secure all the lending required to finance the project, 并同意国家, 位置 和 开发人员 will each pay an equal third of the 开发人员的 gap financing loan to the gap 银行
The TDFP provides three different tiers of financing to compensate for a shortfall in project funding. Eligible projects with a total cost of less than $100 million fall into Tier (1), eligible projects with a total cost of $100 million or more fall into Tier (2); while Tier (3) projects have a capital investment of $500+ million. The image below highlights the program’s three tiers of financing
The image below outlines an example of a Tier (1) TDFP payment process once the qualified business has opened 和 started generating revenue