VIRGINIA BEACH, Va. — Council members in Virginia Beach passed a non-binding term sheet for The Wave project, 9-1. Councilwoman Jessica Abbott was the only "nay" on the council.
The process to bring the mixed-use development to the old Dome site will continue moving forward. The development, which includes an entertainment center and a surf park, has the support of Virginia Beach native Pharrell Williams.
"The project contains an innovative surf park, a state of the art music venue, and it includes the vision of Pharrell Williams," said Mike Culpepper off Venture Realty Group.
Last week, the city presented residents with an outline of terms of the possible deal between Virginia Beach and Venture Realty, the developer that would spearhead the project.
Members of the business community say it's what Virginia Beach needs to be a year-round destination.
"After decades of sitting vacant, almost as long as I've been alive, it looks like we finally have a project worth all the wait," said Russell Lyons of the Virginia Beach Hotel Association.
"As time marches on the lack of an anchor development has taken its toll on the central beach area," said Mark DesRoches of 17th Street Gateway Association.
However, many residents said this project sounds great, but the city is supposed to invest in infrastructure, not entertainment.
Taxpayers questioned if its such a great project why isn't it being privately funded.
Documents obtained by 13News Now say the city would invest more than $95 million in the project. The city would also lease the property to the developer for one dollar per year.
"I don't want to ride the perfect wave, I just want to keep my house and not lose it because I'm being taxed to death in this city," said one resident.
"You have a music mogul that's involved in the park, why isn't he building it, is it not profitable, so are we going to be on the hook for some big risk," said another resident.
The city estimates the site would generate $57 million for the general fund and $49 million for public schools over 20 years. During construction, it would create 3,600 jobs and another 2,000 jobs once the site opens.
"Our responsibility is to bring more wealth, new money into this city, and by doing this we are sending a message Virginia Beach is open for business we are willing to listen," said Mayor Bobby Dyer.
Councilwoman Abbot was the lone city council member to vote no. She said she does like the project, but also acknowledged that she wants to make sure a chunk of the revenue it generates goes back into stormwater management.
Negotiations for a final Development Agreement should conclude in June 2019, with construction scheduled for sometime between 2020 and 2023.