Virginia Beach

Vanguard Landing gets more time for planned development for people with intellectual disabilities, but tighter loan terms – Virginia Beach, Virginia

Virginia Beach, Virginia 2021-06-15 20:43:22 –

Virginia Beach, Virginia (WAVY) —Twice a month, Vanguard Landing has filed a proceeding with the Virginia Beach Development Authority (VBDA).

Author’s previous question: Should we “call” a $ 2.85 million interest-free loan from taxpayers or give Vanguard Landing an extension?

Vanguard Landing is a 75-acre site along Princess Unlord and is marketed as a safe, intentional, interactive and comprehensive community where people with intellectual and developmental disabilities can live.

Vanguard Landing, a non-profit organization, wants to build a $ 40 million housing community. However, city auditors recently determined that the company has a loan by default. The loan was unanimously approved by the city council in 2013 and signed in 2014. Eight years have passed and nothing has been done.

Vanguard landing In mid-May, VBDA granted a one-month extension to line up its financial orders. Bring back proof that the bank had enough money.

Dorothy Clark, who lives in an integrated community, opposed Vanguard Landing on Tuesday.

“People like me do know that, but they are told that the only people who live there want to live in an inclusive area rather than an isolated area with a disability. Wants to live in a normal community, go where they want to go, do what they want to do, and live a life of their own choosing. With the right support, people with disabilities live in inclusive areas and have an inclusive environment. You can work in and make friends … so I’m against Vanguard Landing, “Clark said.

Also opposed to the Vanguard Landing concept is the Arc of Virginia, who believes in Virginia’s preferred integrated approach.

Dave Redmond has a daughter with autism. He says the Vanguard Landing project will simply offer another option.

“She was able to live in a supportive group environment like Vanguard Landing. I know she needs a choice. She needs an option. She needs What you don’t do, or what people with developmental disabilities don’t need, is to be pigeoned, “he said.

Against the backdrop of these comments, Vanguard Landing has arrived at VBDA. What they were looking for was an extension of their tolerance.

The first good news Vanguard Landing showed on Tuesday was $ 2.1 million at the bank. That’s far more than the last VBDA meeting in mid-May, which showed a direct life of about $ 250,000. Vanguard Landing lawyer Eddie Bourdon told authorities members last month that he had an “account with seven digits.”

The account was not taken up by city auditor Lindon Remias. Lindon Remias then determined that Vanguard Landing was the default for a $ 2.85 million interest-free loan from city taxpayers. The default was not due to financial failure, but due to non-compliance with loan conditions such as building a single structure.

When Bourdon revealed an account containing seven-digit numbers, authorities continued a 30-day grace period to find out how much money Vanguard Landing had.So 10 On Your Side was first reported on Monday night, They certainly confirmed $ 2.1 million.

Vanguard Landing said the construction failure was due to stricter flood regulations and a total delay in site approval by several months.

As Councilor Rosemary Wilson told us when we first reported on Vanguard Landing, it was said that there was pressure on those who supported Vanguard Landing to “show me the money.” I will. The pledge soon became a deposit.

After the first hearing on Tuesday, VBDA entered a private session, about an hour later, “within 60 days, the borrower shall make a lump sum payment of $ 500,000 for the promissory note amount. There was a motion saying “I will.”

Vanguard Landing in May also wanted to extend the grace period by 18 months so that we could discuss further about calling a $ 2.85 million loan.

Vanguard Landing did not get for 18 months during the meeting on Tuesday, but instead, tolerance lasts for 12 months until June 15, 2022.

The VBDA vote on Tuesday was unanimous, but the motion was a compromise between those who were in favor of Vanguard Landing and those who were against it.

10 On Your Side asked Lisa Murphy, the chairman of Virginia Beach Development, about the cause of the compromise.

“Because they had money, we wanted to get the city money back as soon as possible. In 12 months they would be able to play and be repaid when they got a construction loan. I wanted to clarify, “she said.

Murphy also revealed that staff were instructed if the conditions were not met within a year. VBDA initiates the foreclosure process when read during the terms of the motion.

“And if you violate the terms of this resolution, the staff will be instructed to issue a foreclosure of the loan,” the motion read.

Bourdon has taken it all in.

“That wasn’t what we wanted to see. I don’t think it’s a big deal … the city offered an interest-free loan, provided that everything would happen if the site plan was approved. I am grateful for that, “he said.

Murphy also said the city would “turn backwards” to help Vanguard Landing approve the site plan. If not approved within a year, it is basically in Vanguard Landing.

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Vanguard Landing gets more time for planned development for people with intellectual disabilities, but tighter loan terms Source link Vanguard Landing gets more time for planned development for people with intellectual disabilities, but tighter loan terms

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